Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 01, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | RYI | |
Entity Registrant Name | RYERSON HOLDING CORPORATION | |
Entity Central Index Key | 1,481,582 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,132,019 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net sales | $ 735.1 | $ 790 | $ 2,177.5 | $ 2,498.4 |
Cost of materials sold | 589.7 | 639.7 | 1,721.5 | 2,032.3 |
Gross profit | 145.4 | 150.3 | 456 | 466.1 |
Warehousing, delivery, selling, general and administrative | 109.1 | 112.8 | 331.5 | 343.4 |
Restructuring and other charges | 2.5 | 2.5 | ||
Impairment charges on fixed assets | 0.5 | 1.9 | ||
Operating profit | 33.8 | 37 | 122 | 120.8 |
Other income and (expense), net | (0.2) | 1.2 | (13.2) | (10.7) |
Interest and other expense on debt | (23.6) | (25.4) | (67.5) | (74.5) |
Income before income taxes | 10 | 12.8 | 41.3 | 35.6 |
Provision for income taxes | 1.6 | 6.1 | 14 | 16.1 |
Net income | 8.4 | 6.7 | 27.3 | 19.5 |
Less: Net income (loss) attributable to noncontrolling interest | 0.2 | (0.5) | ||
Net income attributable to Ryerson Holding Corporation | 8.2 | 6.7 | 27.3 | 20 |
Comprehensive income (loss) | 6.9 | (4.7) | 34.7 | 6.3 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0.1 | (0.2) | (0.8) | |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | $ 6.8 | $ (4.5) | $ 34.7 | $ 7.1 |
Basic and diluted earnings per share | $ 0.23 | $ 0.21 | $ 0.82 | $ 0.62 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Net income | $ 27.3 | $ 19.5 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 31.8 | 33.9 |
Stock-based compensation | 1 | 0.5 |
Deferred income taxes | 13.4 | 15 |
Provision for allowances, claims and doubtful accounts | 2.1 | 1.9 |
(Gain) loss on retirement of debt | 7.2 | (0.3) |
Other-than-temporary impairment charge on available-for-sale investments | 2.8 | 12.3 |
Impairment charges on fixed assets | 1.9 | |
Restructuring and other charges | 2.5 | |
Premium and fees paid related to debt modification | (15.6) | |
Other items | (0.2) | (0.6) |
Change in operating assets and liabilities: | ||
Receivables | (54.9) | 21.7 |
Inventories | (67.3) | 91.8 |
Other assets | 5.7 | 9.8 |
Accounts payable | 38.2 | 30 |
Accrued liabilities | 17.9 | 5.1 |
Accrued taxes payable/receivable | 1.3 | (1) |
Deferred employee benefit costs | (36.1) | (48.9) |
Net adjustments | (50.2) | 173.1 |
Net cash provided by (used in) operating activities | (22.9) | 192.6 |
Investing activities: | ||
Acquisitions, net of cash acquired | (7.7) | |
Decrease in restricted cash | 0.2 | 0.2 |
Capital expenditures | (19.7) | (22.3) |
Proceeds from sale of property, plant and equipment | 3.2 | 2.8 |
Net cash used in investing activities | (16.3) | (27) |
Financing activities: | ||
Net proceeds from issuance of common stock | 71.5 | |
Long-term debt issued | 650 | |
Repayment of debt | (689) | (59.9) |
Net proceeds (repayments) of short-term borrowings | 3.2 | (104.7) |
Net increase (decrease) in book overdrafts | 20.1 | (4.5) |
Long-term debt issuance costs | (5.2) | |
Credit facility issuance costs | (3.9) | |
Principal payments on capital lease obligations | (3.9) | (1.2) |
Contributions from non-controlling interest | 0.3 | |
Net cash provided by (used in) financing activities | 47 | (174.2) |
Net increase (decrease) in cash and cash equivalents | 7.8 | (8.6) |
Effect of exchange rate changes on cash and cash equivalents | 2.2 | (3.1) |
Net change in cash and cash equivalents | 10 | (11.7) |
Cash and cash equivalents—beginning of period | 63.2 | 60 |
Cash and cash equivalents—end of period | 73.2 | 48.3 |
Cash paid during the period for: | ||
Interest paid to third parties | 49.2 | 49.2 |
Income taxes, net | 1.4 | 2.6 |
Noncash investing activities: | ||
Asset additions under capital leases | $ 2.1 | $ 1.8 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 73.2 | $ 63.2 |
Restricted cash | 1 | 1.2 |
Receivables less provision for allowances, claims and doubtful accounts | 360.1 | 305.7 |
Inventories | 625.2 | 555.8 |
Prepaid expenses and other current assets | 27.4 | 32.8 |
Total current assets | 1,086.9 | 958.7 |
Property, plant, and equipment, at cost | 667.3 | 654.5 |
Less: Accumulated depreciation | 274 | 254.2 |
Property, plant and equipment, net | 393.3 | 400.3 |
Deferred income taxes | 12.5 | 31.8 |
Other intangible assets | 42.1 | 46.2 |
Goodwill | 103.2 | 103.2 |
Deferred charges and other assets | 5.3 | 5 |
Total assets | 1,643.3 | 1,545.2 |
Current liabilities: | ||
Accounts payable | 265 | 206.3 |
Salaries, wages and commissions | 35.5 | 26.3 |
Other accrued liabilities | 60.8 | 52 |
Short-term debt | 20 | 22 |
Current portion of deferred employee benefits | 9.2 | 9.1 |
Total current liabilities | 390.5 | 315.7 |
Long-term debt | 957.9 | 1,001.5 |
Deferred employee benefits | 291.4 | 327.7 |
Taxes and other credits | 36.7 | 41.1 |
Total liabilities | 1,676.5 | 1,686 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | (0.2) | 0.1 |
Ryerson Holding Corporation stockholders’ equity (deficit): | ||
Preferred stock, value | ||
Common stock, value | 0.4 | 0.3 |
Capital in excess of par value | 375.1 | 302.6 |
Accumulated deficit | (103.6) | (130.9) |
Treasury stock at cost – Common stock, value | (6.6) | (6.6) |
Accumulated other comprehensive loss | (299.6) | (307) |
Total Ryerson Holding Corporation stockholders’ equity (deficit) | (34.3) | (141.6) |
Noncontrolling interest | 1.3 | 0.7 |
Total equity (deficit) | (33) | (140.9) |
Total liabilities and equity | $ 1,643.3 | $ 1,545.2 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Receivables, provision for allowances, claims and doubtful accounts | $ 5.2 | $ 5.2 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 7,000,000 | 7,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 37,344,519 | 32,312,200 |
Treasury stock at cost - Common stock, shares | 212,500 | 212,500 |
Financial Statements
Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Financial Statements | NOTE 1: FINANCIAL STATEMENTS Ryerson Holding Corporation (“Ryerson Holding”), a Delaware corporation, is the parent company of Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation. Affiliates of Platinum Equity, LLC (“Platinum”) own approximately 21,037,500 shares of our common stock, which is approximately 57% Ryerson Holding conducts materials distribution operations in the United States through JT Ryerson, in Canada through its indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”) and in Mexico through its indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (“Ryerson Mexico”). In addition to our North American operations, we conduct materials distribution operations in China through Ryerson China Limited (“Ryerson China”). Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson China, and Ryerson Mexico together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.” The following table shows our percentage of sales by major product lines for the three and nine months ended September 30, 2016 and 2015, respectively: Three Months Ended Nine Months Ended September 30, September 30, Product Line 2016 2015 2016 2015 Carbon Steel Flat 29 % 25 % 27 % 24 % Carbon Steel Plate 9 11 9 11 Carbon Steel Long 13 16 14 16 Stainless Steel Flat 17 15 16 16 Stainless Steel Plate 4 4 4 4 Stainless Steel Long 3 3 4 4 Aluminum Flat 16 17 16 16 Aluminum Plate 3 3 3 3 Aluminum Long 4 4 5 4 Other 2 2 2 2 Total 100 % 100 % 100 % 100 % Results of operations for any interim period are not necessarily indicative of results of any other periods or for the year. The condensed consolidated financial statements as of September 30, 2016 and for the three-month and nine-month periods ended September 30, 2016 and 2015 are unaudited, but in the opinion of management include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results for such periods. The year-end condensed consolidated balance sheet data contained in this report was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS Impact of Recently Issued Accounting Standards—Adopted In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” 11.0 In April 2015, the FASB issued ASU 2015-05, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In September 2015, the FASB issued ASU 2015-16, “ Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments. In March 2016, the FASB issued ASU 2016-09, “ Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting Impact of Recently Issued Accounting Standards—Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers, Revenue from Contracts with Customers Revenue Recognition. Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing” Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients” In August 2014, the FASB issued ASU 2014-15, “ Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In January 2016, the FASB issued ASU 2016-01, " Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. he amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2018. We are still assessing the impact of adoption on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “ Leases ” codified in ASC 842, “ Leases. ” The guidance requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The amendment also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. The update is effective for interim and annual reporting periods beginning after December 15, 2018. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, and have the option to use certain relief. Full retrospective application is prohibited. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2019. We are still assessing the impact of adoption on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, “ Investments – Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting .” The amendment eliminates the retroactive adjustments to an investment upon it qualifying for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence by the investor. ASU 2016-07 requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment qualifies for equity method accounting. The update is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2017, including interim periods within that reporting period. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. ” The amendment requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected, thus eliminating the probable initial recognition threshold and instead reflecting the current estimate of all expected credit losses. The amendment also requires that credit losses relating to available-for-sale debt securities be recorded through an allowance for credit losses rather than a write-down, thus enabling the ability to record reversals of credit losses in current period net income. The update is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted . In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows – Classification of Certain Cash Receipts and Certain Cash Payments. ” The amendments address the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 3: INVENTORIES The Company primarily uses the last-in, first-out (“LIFO”) method of valuing inventory. Interim LIFO calculations are based on actual inventory levels. Inventories, at stated LIFO value, were classified at September 30, 2016 and December 31, 2015 as follows: September 30, December 31, 2016 2015 (In millions) In process and finished products $ 625.2 $ 555.8 If current cost had been used to value inventories, such inventories would have been $117 million Inventories are stated at the lower of cost or market value. We record amounts required, if any, to reduce the carrying value of inventory to its lower of cost or market as a charge to cost of materials sold. The lower of cost or market reserve totaled $12.5 million and $37.9 million at September 30, 2016 and December 31, 2015, respectively. The Company has consignment inventory at certain customer locations, which totaled $9.9 million at September 30, 2016 and December 31, 2015. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 4: GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $103.2 million Intangibles – Goodwill and Other, October 1, 2015, and it Other intangible assets with finite useful lives continue to be amortized over their useful lives. We review the recoverability of our long-lived assets whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 5: ACQUISITIONS On August 3, 2015, the Company acquired all of the issued and outstanding capital stock of Southern Tool Steel, Inc. (“Southern Tool”). Southern Tool is a distributor of long products, predominantly processed bars and tool steel, and is based in Chattanooga, TN. The acquisition is not material to our consolidated financial statements. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 6: LONG-TERM DEBT Long-term debt consisted of the following at September 30, 2016 and December 31, 2015: September 30, December 31, 2016 2015 (In millions) Ryerson Credit Facility $ 277.2 $ 272.2 9.00% Senior Secured Notes due 2017 — 569.9 11.25% Senior Notes due 2018 48.5 170.4 11.00% Senior Secured Notes due 2022 650.0 — Foreign debt 20.0 22.0 Unamortized debt issuance costs and discounts (17.8 ) (11.0 ) Total debt 977.9 1,023.5 Less: Short-term foreign debt 20.0 22.0 Total long-term debt $ 957.9 $ 1,001.5 Ryerson Credit Facility On July 24, 2015, Ryerson terminated its $1.35 billion revolving credit facility agreement (the “Old Credit Facility”) and entered into a new $1.0 billion revolving credit agreement (the “Ryerson Credit Facility”). Borrowings under the Ryerson Credit Facility were used to repay indebtedness under the Old Credit Facility. The Ryerson Credit Facility has a maturity date of the earlier of (a) July 24, 2020 or (b) 60 days prior to the stated maturity of any outstanding indebtedness with a principal amount of $50,000,000 or more. As a result of the Ryerson Credit Facility, the Company recorded a $2.9 million charge in the third quarter of 2015 to write-off a portion of the issuance costs associated with the Old Credit Facility. At September 30, 2016 , Ryerson had $277.2 million of outstanding borrowings, $16 million of letters of credit issued and $295 million available under was 2.6 percent and 2.1 percent at September 30, 2016 and December 31, 2015, respectively. The $1.0 billion Ryerson Credit Facility has an allocation of $875 million to the Company’s subsidiaries in the United States and an allocation of $125 million to Ryerson Holding’s Canadian subsidiary that is a borrower. Amounts outstanding under the Ryerson Credit Facility bear interest at (i) a rate determined by reference to (A) the base rate (the highest of the Federal Funds Rate plus 0.50%, Bank of America, N.A.’s prime rate and the one-month LIBOR rate plus 1.00%) or (B) a LIBOR rate or, (ii) for Ryerson Holding’s Canadian subsidiary that is a borrower, (A) a rate determined by reference to the Canadian base rate (the greatest of the Federal Funds Rate plus 0.50%, Bank of America-Canada Branch’s “base rate” for pricing loans in U.S. Dollars made at its “base rate” and the 30 day LIBOR rate plus 1.00%), (B) the prime rate (the greatest of the Bank of Canada overnight rate plus 0.50%, Bank of America-Canada Branch’s “prime rate” for commercial loans made by it in Canada in Canadian Dollars and the one-month Canadian bankers’ acceptance rate plus 1.00%) or (C) the bankers’ acceptance rate. The spread over the base rate and prime rate is between 0.25% and 0.75% and the spread over the LIBOR and for the bankers’ acceptances is between 1.25% and 1.75%, depending on the amount available to be borrowed under the Ryerson Credit Facility. Overdue amounts and all amounts owed during the existence of a default bear interest at 2% above the rate otherwise applicable thereto. Ryerson also pays commitment fees on amounts not borrowed at a rate of 0.25%. Borrowings under the Ryerson Credit Facility are secured by first-priority liens on all of the inventory, accounts receivables, lockbox accounts and related assets of the borrowers and the guarantors. The Ryerson Credit Facility also contains covenants that, among other things, restrict Ryerson and its restricted subsidiaries with respect to the incurrence of debt, the creation of liens, transactions with affiliates, mergers and consolidations, sales of assets and acquisitions. The Ryerson Credit Facility also requires that, if availability under the Ryerson Credit Facility declines to a certain level, Ryerson maintain a minimum fixed charge coverage ratio as of the end of each fiscal quarter, and includes defaults upon (among other things) the occurrence of a change of control of Ryerson and a cross-default to other financing arrangements. The Ryerson Credit Facility contains events of default with respect to, among other things, default in the payment of principal when due or the payment of interest, fees and other amounts due thereunder after a specified grace period, material misrepresentations, failure to perform certain specified covenants, certain bankruptcy events, the invalidity of certain security agreements or guarantees, material judgments and the occurrence of a change of control of Ryerson. If such an event of default occurs, the lenders under the Ryerson Credit Facility will be entitled to various remedies, including acceleration of amounts outstanding under the Ryerson Credit Facility and all other actions permitted to be taken by secured creditors. The lenders under the Ryerson Credit Facility have the ability to reject a borrowing request if any event, circumstance or development has occurred that has had or could reasonably be expected to have a material adverse effect on the Company. If Ryerson Holding, JT Ryerson, any of the other borrowers or any restricted subsidiaries of JT Ryerson becomes insolvent or commences bankruptcy proceedings, all amounts borrowed under the Ryerson Credit Facility will become immediately due and payable. Proceeds from borrowings under the Ryerson Credit Facility and repayments of borrowings thereunder that are reflected in the Condensed Consolidated Statements of Cash Flows represent borrowings under the Company’s revolving credit agreement with original maturities greater than three months. Net proceeds (repayments) under the Ryerson Credit Facility represent borrowings under the Ryerson Credit Facility with original maturities less than three months. 2017, 2018 and 2022 Notes On October 10, 2012, JT Ryerson issued $300 million in aggregate principal amount of the 11.25% Senior Notes due 2018 ( The 2018 Notes became redeemable, in whole or in part, on October 15, 2015, at specified redemption prices. See Note 15 “Subsequent Events” for additional detail. On May 24, 2016, JT Ryerson issued $650 million in aggregate principal amount of the 2022 Notes (the “2022 Notes”). The 2022 Notes bear interest at a rate of 11.00% per annum. The 2022 Notes are fully and unconditionally guaranteed on a senior secured basis by all of our existing and future domestic subsidiaries that are co-borrowers or that have guarantee obligations under the Ryerson Credit Facility. The net proceeds from the issuance of the 2022 Notes, along with borrowings under the Ryerson Credit Facility, was used to (i) repurchase and/or redeem in full the $569.9 million balance of JT Ryerson’s 9.00% Senior Secured Notes due 2017 (the “2017 Notes”), plus accrued and unpaid interest thereon up to, but not including, the repayment date, (ii) repurchase $95.0 million of the 2018 Notes, and (iii) pay related fees, expenses and premiums . The Company applied the provisions of ASC 470-50, “ Modifications and Extinguishments” The 2022 Notes and the related guarantees are secured by a first-priority security interest in substantially all of JT Ryerson’s and each guarantor’s present and future assets located in the United States (other than receivables, inventory, money, deposit accounts and related general intangibles, certain other assets and proceeds thereof), subject to certain exceptions and customary permitted liens. The 2022 Notes and the related guarantees are also secured on a second-priority basis by a lien on the assets that secure JT Ryerson’s and the Company’s obligations under the Ryerson Credit Facility. The 2022 Notes will be redeemable, in whole or in part, at any time on or after May 15, 2019 at certain redemption prices. The redemption price for the 2022 Notes if redeemed during the twelve months beginning (i) May 15, 2019 is 105.50%, (ii) May 15, 2020 is 102.75%, and (iii) May 15, 2021 and thereafter is 100.00%. JT Ryerson may redeem some or all of the 2022 Notes before May 15, 2019 at a redemption price of 100.00% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, plus a “make-whole” premium. In addition, JT Ryerson may redeem up to 35% of the 2022 Notes before May 15, 2019 with respect to the 2022 Notes with the net cash proceeds from certain equity offerings at a price equal to 111.00%, with respect to the 2022 Notes, of the principal amount thereof, plus any accrued and unpaid interest, if any. JT Ryerson may be required to make an offer to purchase the 2022 Notes upon the sale of assets or upon a change of control. The 2018 Notes and 2022 Notes contain customary covenants that, among other things, limit, subject to certain exceptions, our ability, and the ability of our restricted subsidiaries, to incur additional indebtedness, pay dividends on our capital stock or repurchase our capital stock, make investments, sell assets, engage in acquisitions, mergers or consolidations or create liens or use assets as security in other transactions. Subject to certain exceptions, JT Ryerson may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset. As of September 30, 2016, zero, $48.5 million and $650.0 million of the original outstanding principal amount of the 2017 Notes, 2018 Notes and 2022 Notes remain outstanding, respectively. The Company has repurchased and in the future may repurchase long-term notes in the open market. See Note 15 “Subsequent Events” for additional detail. During the first nine months of 2016, a principal amount of $27.0 million of the 2018 Notes were repurchased for $18.2 million and retired, resulting in the recognition of an $8.8 million gain within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income. Including the $16.0 million loss on the redemption of the $569.9 million balance of the 2017 Notes and repurchase of $95.0 million of the 2018 Notes, the Company recognized a total net loss of $7.2 million within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income during the first nine months of 2016. During the first nine months of 2015, a principal amount of $30.1 loss within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income. Foreign Debt At September 30, 2016, Ryerson China’s foreign borrowings were $19.9 million, which were owed to banks in Asia at a weighted average interest rate of 4.3% per annum and secured by its inventory and property, plant and equipment. At December 31, 2015, Ryerson China’s foreign borrowings were $21.8 million rate of 4.3% borrowings were $0.1 million and $0.2 million at and December 31, 2015, respectively. Availability under the foreign credit lines was $26 million and $23 million at September 30, 2016 and December 31, 2015, respectively. Letters of credit issued by our foreign subsidiaries were $1 million and $2 million at September 30, 2016 and December 31, 2015, respectively. |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | NOTE 7: EMPLOYEE BENEFITS The following table summarizes the components of net periodic benefit (credit) cost for the three and nine month periods ended September 30, 2016 and 2015 for the Ryerson pension plans and postretirement benefits other than pension: Three Months Ended September 30, Pension Benefits Other Benefits 2016 2015 2016 2015 (In millions) Components of net periodic benefit (credit) cost Interest cost $ 8 $ 9 $ 1 $ 1 Expected return on assets (12 ) (11 ) — — Recognized actuarial (gain) loss 3 3 (2 ) (2 ) Amortization of prior service credit — — (1 ) (1 ) Net periodic benefit (credit) cost $ (1 ) $ 1 $ (2 ) $ (2 ) Nine Months Ended September 30, Pension Benefits Other Benefits 2016 2015 2016 2015 (In millions) Components of net periodic benefit (credit) cost Service cost $ 1 $ 1 $ — $ — Interest cost 22 28 2 3 Expected return on assets (34 ) (35 ) — — Recognized actuarial (gain) loss 9 10 (6 ) (6 ) Amortization of prior service credit — — (2 ) (2 ) Net periodic benefit (credit) cost $ (2 ) $ 4 $ (6 ) $ (5 ) The Company has contributed $21 million to the pension plan fund through the nine months ended September 30, 2016 and anticipates that it will have a minimum required pension contribution funding of approximately $1 million for the remaining three months of 2016. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8: COMMITMENTS AND CONTINGENCIES In October 2011, the United States Environmental Protection Agency (the “EPA”) named us as one of more than 100 businesses that may be a potentially responsible party for the Portland Harbor Superfund Site (“Portland Harbor”). On February 9, 2016, the EPA published its Final Remedial Investigation Report. On June 8, 2016, the EPA published both the Draft Feasibility Study and associated Superfund Proposed Plan (“Proposed Plan”). The Proposed Plan includes a combination of dredging, capping and enhanced natural recovery that would take approximately seven years to construct plus additional time for monitored natural recovery, at an estimated overall cost of $745.7 million. There are various other claims and pending actions against the Company. The amount of liability, if any, for those other claims and actions at September 30, 2016 is not determinable but, in the opinion of management, such liability, if any, will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations. |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Investments All Other Investments [Abstract] | |
Derivatives and Fair Value Measurements | NOTE 9: DERIVATIVES AND FAIR VALUE MEASUREMENTS Derivatives The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk, foreign currency risk, and commodity price risk. Interest rate swaps are entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. We use foreign currency exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the functional currency. From time to time, we may enter into fixed price sales contracts with our customers for certain of our inventory components. We may enter into metal commodity futures and options contracts periodically to reduce volatility in the price of metals. We may also enter into natural gas and diesel fuel price swaps to manage the price risk of forecasted purchases of natural gas and diesel fuel. The Company currently does not account for its derivative contracts as hedges but rather marks them to market with a corresponding offset to current earnings. The Company regularly reviews the creditworthiness of its derivative counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements. The following table summarizes the location and fair value amount of our derivative instruments reported in our Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015: Asset Derivatives Liability Derivatives Fair Value Fair Value Derivatives not designated as hedging instruments under ASC 815 Balance Sheet Location September 30, 2016 December 31, 2015 Balance Sheet Location September 30, 2016 December 31, 2015 (In millions) Foreign exchange contracts Prepaid expenses and other current assets $ — $ 0.1 Other accrued liabilities $ — $ — Commodity contracts Prepaid expenses and other current assets 5.6 — Other accrued liabilities 0.9 3.5 Total derivatives $ 5.6 $ 0.1 $ 0.9 $ 3.5 As of September 30, 2016 and December 31, 2015, the Company’s foreign currency exchange contracts had a U.S. dollar notional amount of $1.7 million and $1.6 million tons had The following table summarizes the location and amount of gains and losses reported in our Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2016 and 2015: Amount of Gain/(Loss) Recognized in Income on Derivatives Derivatives not designated as Location of Gain/(Loss) Recognized Three Months Ended September 30, Nine Months Ended September 30, hedging instruments under ASC 815 in Income on Derivatives 2016 2015 2016 2015 (In millions) Metal commodity contracts Cost of materials sold $ 1.7 $ (3.1 ) $ 9.0 $ (10.5 ) Diesel fuel hedges Warehousing, delivery, selling, general and administrative — (0.3 ) 0.1 (0.2 ) Foreign exchange contracts Other income and (expense), net — 0.1 (0.1 ) 0.1 Total $ 1.7 $ (3.3 ) $ 9.0 $ (10.6 ) Fair Value Measurements To increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: 1. Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. 2. Level 2 – inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. 3. Level 3 – unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability. The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of September 30, 2016: At September 30, 2016 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Common stock—available-for-sale investment $ 1.1 $ — $ — Mark-to-market derivatives: Commodity contracts $ — $ 5.6 $ — Liabilities Mark-to-market derivatives: Commodity contracts $ — $ 0.9 $ — The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2015: At December 31, 2015 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Common stock – available-for-sale investment $ 2.2 $ — $ — Mark-to-market derivatives: Foreign exchange contracts $ — $ 0.1 $ — Liabilities Mark-to-market derivatives: Commodity contracts $ — $ 3.5 $ — The fair value of each derivative contract is determined using Level 2 inputs and the market approach valuation technique, as described in ASC 820. The Company has various commodity derivatives to lock in nickel prices for varying time periods. The fair value of these derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price on the London Metals Exchange for nickel on the valuation date. The Company also has commodity derivatives to lock in hot roll coil and aluminum prices for varying time periods. The fair value of hot roll coil and aluminum derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price on the New York Mercantile Exchange and the London Metals Exchange, respectively, for the commodity on the valuation date. The Company has various commodity derivatives to lock in diesel prices for varying time periods. The fair value of these derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price of the Platts Index for Gulf Coast Ultra Low Sulfur Diesel on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the functional currency, the Canadian dollar. The Company defines the fair value of foreign exchange contracts as the amount of the difference between the contracted and current market value at the end of the period. The Company estimates the current market value of foreign exchange contracts by obtaining month-end market quotes of foreign exchange rates and forward rates for contracts with similar terms. The Company uses the exchange rates provided by Reuters. Each contract term varies in the number of months, but on average is between 3 to 12 months The carrying and estimated fair values of our financial instruments at September 30, 2016 and December 31, 2015 were as follows: At September 30, 2016 At December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Cash and cash equivalents $ 73.2 $ 73.2 $ 63.2 $ 63.2 Restricted cash 1.0 1.0 1.2 1.2 Receivables less provision for allowances, claims and doubtful accounts 360.1 360.1 305.7 305.7 Accounts payable 265.0 265.0 206.3 206.3 Long-term debt, including current portion 977.9 1,045.3 1,023.5 855.3 The estimated fair value of the Company’s cash and cash equivalents, receivables less provision for allowances, claims and doubtful accounts and accounts payable approximate their carrying amounts due to the short-term nature of these financial instruments. The estimated fair value of the Company’s long-term debt and the current portions thereof is determined by using quoted market prices of Company debt securities (Level 2 inputs). Assets Held for Sale The Company had $2.9 million and $4.2 million of assets held for sale, classified within “prepaid expenses and other current assets,” as of September 30, 2016 and December 31, 2015. The Company recorded a net impairment charge of zero and $1.9 million in the nine months ended September 30, 2016 and 2015, respectively, related to certain assets held for sale in order to recognize the assets at their fair value less cost to sell in accordance with ASC 360-10-35-43, “ Property, Plant and Equipment – Other Presentation Matters The following table presents those assets that were measured at fair value on our Condensed Consolidated Balance Sheet on a non-recurring basis and their level within the fair value hierarchy at September 30, 2016: At September 30, 2016 Level 1 Level 2 Level 3 (In millions) Assets Prepaid expenses and other current assets – assets held for sale $ — $ 2.9 $ — The following table presents those assets that were measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a non-recurring basis and their level within the fair value hierarchy at December 31, 2015: At December 31, 2015 Level 1 Level 2 Level 3 (In millions) Assets Prepaid expenses and other current assets – assets held for sale $ — $ 4.2 $ — Available-For-Sale Investments The Company has classified investments made during 2010 and 2012 as available-for-sale at the time of their purchase. Investments classified as available-for-sale are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income. Management evaluates investments in an unrealized loss position on whether an other-than-temporary impairment has occurred on a periodic basis. Factors considered by management in assessing whether an other-than-temporary impairment has occurred include: the nature of the investment; whether the decline in fair value is attributable to specific adverse conditions affecting the investment; the financial condition of the investee; the severity and the duration of the impairment; and whether we intend to sell the investment or will be required to sell the investment before recovery of its amortized cost basis. When it is determined that an other-than-temporary impairment has occurred, the investment is written down to its market value at the end of the period in which it is determined that an other-than-temporary decline has occurred. As of June 30, 2016, the investment was in an unrealized loss position from its adjusted cost basis for twelve months. Based on the duration and severity of our unrealized loss, management determined that an other-than-temporary impairment occurred and thus recognized a $2.8 million impairment charge within other income and (expense), net in the second quarter of 2016. The investment was also in a gross unrealized loss position for twelve months as of March 31, 2015. Based on the duration and severity of our unrealized loss, management determined that an other-than-temporary impairment occurred and thus recognized a $12.3 million impairment charge within other income and (expense), net in the first quarter of 2015. As of September 30, 2016, the investment has been in an unrealized loss position from its adjusted cost basis for three months. Management does not currently intend to sell the investment before recovery of its adjusted cost basis. Realized gains and losses are recorded within the Condensed Consolidated Statement of Comprehensive Income upon sale of the security and are based on specific identification. The Company’s available-for-sale securities as of September 30, 2016 can be summarized as follows: At September 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Common stock $ 2.3 $ — $ (1.2 ) $ 1.1 The Company’s available-for-sale securities as of December 31, 2015 can be summarized as follows: At December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Common stock $ 5.1 $ — $ (2.9 ) $ 2.2 There is no maturity date for these investments and there have been no sales |
Stockholders' Equity (Deficit),
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest | NOTE 10: STOCKHOLDERS’ EQUITY (DEFICIT), ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) AND REDEEMABLE NONCONTROLLING INTEREST The following table details changes in these accounts: Ryerson Holding Corporation Stockholders Accumulated Other Comprehensive Income (Loss) Common Stock Treasury Stock Capital in Excess of Par Accumulated Deficit Foreign Currency Translation Benefit Plan Liabilities Available- For-Sale Investments Non-controlling Interest Total Equity Redeemable Noncontrolling Interest Shares Dollars Shares Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars (In millions, except shares in thousands) Balance at January 1, 2016 32,312 $ 0.3 213 $ (6.6 ) $ 302.6 $ (130.9 ) $ (53.8 ) $ (252.5 ) $ (0.7 ) $ 0.7 $ (140.9 ) $ 0.1 Net income (loss) — — — — — 27.3 — — — 0.6 27.9 (0.6 ) Foreign currency translation — — — — — — 3.2 — — — 3.2 Gain on intra-entity foreign currency transactions — — — — — — 2.4 — — — 2.4 — Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.4 — — — — — — — 0.8 — — 0.8 — Unrealized loss on available-for-sale investment, net of tax of $0.4 — — — — — — — — (0.7 ) — (0.7 ) Other-than-temporary impairment, net of tax of $1.1 — — — — — — — — 1.7 — 1.7 — Stock-based compensation expense — — — — 1.0 — — — — — 1.0 — Issuance of common stock 5,032 0.1 — — 71.5 — — — — — 71.6 — Contributions from non-controlling interest — — — — — — — — — — — 0.3 Balance at September 30, 2016 37,344 $ 0.4 213 $ (6.6 ) $ 375.1 $ (103.6 ) $ (48.2 ) $ (251.7 ) $ 0.3 $ 1.3 $ (33.0 ) $ (0.2 ) On July 25, 2016, the Company closed an underwritten public offering of 5 million shares of its common stock. The net proceeds from the offering were $71.5 million after deducting the underwriter discount and other offering expenses. The following table details changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2016: Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign Currency Translation Benefit Plan Liabilities Available- For-Sale Investments (In millions) Balance at January 1, 2016 $ (53.8 ) $ (252.5 ) $ (0.7 ) Other comprehensive income before reclassifications 5.6 — (0.7 ) Amounts reclassified from accumulated other comprehensive income (loss) — 0.8 1.7 Net current-period other comprehensive income 5.6 0.8 1.0 Balance at September 30, 2016 $ (48.2 ) $ (251.7 ) $ 0.3 The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three and nine month periods ended September 30, 2016: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended Affected line item in the Condensed Details about Accumulated Other September 30, 2016 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Other-than-temporary impairment Other-than-temporary impairment charge $ — $ 2.8 Other income and (expense), net Tax benefit — (1.1 ) Net of tax $ — $ 1.7 Amortization of defined benefit pension and other post- retirement benefit plan items Actuarial loss $ 1.1 $ 3.4 Warehousing, delivery, selling, general and administrative Prior service credits (0.7 ) (2.2 ) Warehousing, delivery, selling, general and administrative Total before tax 0.4 1.2 Tax provision 0.1 0.4 Net of tax $ 0.3 $ 0.8 The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three and nine month periods ended September 30, 2015: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended Affected line item in the Condensed Details about Accumulated Other September 30, 2015 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Other-than-temporary impairment Other-than-temporary impairment charge $ — $ 12.3 Other income and (expense), net Tax benefit — (4.7 ) Net of tax $ — $ 7.6 Amortization of defined benefit pension and other post- retirement benefit plan items Actuarial loss $ 1.5 $ 4.6 Warehousing, delivery, selling, general and administrative Prior service credits (0.6 ) (1.8 ) Warehousing, delivery, selling, general and administrative Total before tax 0.9 2.8 Tax provision 0.4 1.0 Net of tax $ 0.5 $ 1.8 |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 11: RELATED PARTIES JT Ryerson was party to a corporate advisory services agreement with Platinum Advisors, an affiliate of Platinum, pursuant to which Platinum Advisors provided JT Ryerson certain business, management, administrative and financial advice. On July 23, 2014, JT Ryerson’s Board of Directors approved the termination of this services agreement contingent on the closing of the initial public offering of Ryerson Holding common stock, which occurred on August 13, 2014. As consideration for terminating the advisory fee services agreement, Platinum Advisors and its affiliates were paid $15.0 million in August 2014, with an additional and final payment of $10.0 million paid in August 2015. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12: INCOME TAXES For the three months ended September 30, 2016, the Company recorded income tax expense of . For the nine months ended September 30, 2016, the Company recorded income tax expense of $14.0 million compared to $16.1 million in the prior year. The $14.0 million tax expense for the nine months ended September 30, 2016 primarily represents taxes at local statutory rates where the Company operates, but generally excludes any tax benefit for losses in jurisdictions with historical losses . In accordance with ASC 740, “ Income Taxes this determination, we analyze, among other things, our recent history of earnings, the nature and timing of reversing book-tax temporary differences, tax planning strategies and future income. The Company maintains a valuation allowance on certain foreign and U.S. federal and state deferred tax assets until such time as in management’s judgment, considering all available positive and negative evidence, the Company determines that these deferred tax assets are more likely than not realizable. The valuation allowance is reviewed quarterly and will be maintained until sufficient positive evidence exists to support the reversal of some or all of the valuation allowance. The valuation allowance was $23.6 million and $22.6 million at September 30, 2016 and December 31, 2015, respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 13: EARNINGS PER SHARE Basic earnings per share attributable to Ryerson Holding’s common stock is determined based on earnings for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, Basic and diluted earnings per share 2016 2015 2016 2015 (In millions, except share and per share data) Numerator: Net income attributable to Ryerson Holding Corporation $ 8.2 $ 6.7 $ 27.3 $ 20.0 Denominator: Weighted average shares outstanding 35,804,069 32,055,708 33,343,503 32,043,636 Dilutive effect of stock-based awards 161,615 19,574 92,009 6,525 Weighted average shares outstanding adjusted for dilutive securities 35,965,684 32,075,282 33,435,512 32,050,161 Earnings per share Basic $ 0.23 $ 0.21 $ 0.82 $ 0.62 Diluted $ 0.23 $ 0.21 $ 0.82 $ 0.62 |
Condensed Consolidating Guarant
Condensed Consolidating Guarantor Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Guarantor Financial Statements | NOTE 14: CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS On October 10, 2012, JT Ryerson issued the 2018 Notes. The 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or guarantee obligations under the Ryerson Credit Facility. On December 30, 2014, Ryerson Holding entered into agreements with JT Ryerson, as issuer, Wells Fargo Bank, as trustee, and each of the guarantors party to the 2018 Notes, whereby Ryerson Holding provided unconditional guarantees of the 2018 Notes, jointly and severally with the other guarantors of the 2018 Notes. Each guarantor of the 2018 Notes is 100% owned by Ryerson Holding and the guarantees are joint and several. JT Ryerson may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset. Presented below is the condensed consolidating financial information of Ryerson Holding and its subsidiaries as of September 30, 2016 and December 31, 2015 and for the three and nine month periods ended September 30, 2016 and 2015. RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2016 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 644.2 $ 527.2 $ 97.2 $ (533.5 ) $ 735.1 Cost of materials sold — 521.8 521.0 80.4 (533.5 ) 589.7 Gross profit — 122.4 6.2 16.8 — 145.4 Warehousing, delivery, selling, general and administrative 0.2 95.7 1.2 12.0 — 109.1 Restructuring and other charges — 2.5 — — — 2.5 Operating profit (loss) (0.2 ) 24.2 5.0 4.8 — 33.8 Other income and (expense), net — (0.3 ) — 0.1 — (0.2 ) Interest and other expense on debt — (23.0 ) — (0.6 ) — (23.6 ) Intercompany transactions: Interest expense on intercompany loans — (1.8 ) — (0.9 ) 2.7 — Interest income on intercompany loans — — 2.7 — (2.7 ) — Income (loss) before income taxes (0.2 ) (0.9 ) 7.7 3.4 — 10.0 Provision (benefit) for income taxes (0.3 ) (7.0 ) 7.9 1.0 — 1.6 Equity in earnings of subsidiaries (8.1 ) (2.0 ) (2.3 ) — 12.4 — Net income 8.2 8.1 2.1 2.4 (12.4 ) 8.4 Less: Net income attributable to noncontrolling interest — — — 0.2 — 0.2 Net income attributable to Ryerson Holding Corporation $ 8.2 $ 8.1 $ 2.1 $ 2.2 $ (12.4 ) $ 8.2 Comprehensive income $ 6.8 $ 6.7 $ 1.3 $ 2.0 $ (9.9 ) $ 6.9 Less: Comprehensive income attributable to noncontrolling interest — — — 0.1 — 0.1 Comprehensive income attributable to Ryerson Holding Corporation $ 6.8 $ 6.7 $ 1.3 $ 1.9 $ (9.9 ) $ 6.8 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 693.8 $ 505.4 $ 97.2 $ (506.4 ) $ 790.0 Cost of materials sold — 564.9 499.5 81.7 (506.4 ) 639.7 Gross profit — 128.9 5.9 15.5 — 150.3 Warehousing, delivery, selling, general and administrative 0.2 97.0 0.9 14.7 — 112.8 Impairment charges on fixed assets — 0.5 — — — 0.5 Operating profit (loss) (0.2 ) 31.4 5.0 0.8 — 37.0 Other income and (expense), net — 1.0 (0.1 ) 0.3 — 1.2 Interest and other expense on debt — (24.6 ) — (0.8 ) — (25.4 ) Intercompany transactions: Interest expense on intercompany loans — (1.6 ) — (1.0 ) 2.6 — Interest income on intercompany loans — — 2.6 — (2.6 ) — Income (loss) before income taxes (0.2 ) 6.2 7.5 (0.7 ) — 12.8 Provision (benefit) for income taxes — 8.4 (2.8 ) 0.5 — 6.1 Equity in (earnings) loss of subsidiaries (6.9 ) (9.1 ) 0.9 — 15.1 — Net income (loss) 6.7 6.9 9.4 (1.2 ) (15.1 ) 6.7 Less: Net income (loss) attributable to noncontrolling interest — — — — — — Net income (loss) attributable to Ryerson Holding Corporation $ 6.7 $ 6.9 $ 9.4 $ (1.2 ) $ (15.1 ) $ 6.7 Comprehensive income (loss) $ (4.5 ) $ (4.3 ) $ 5.8 $ (5.8 ) $ 4.1 $ (4.7 ) Less: Comprehensive loss attributable to noncontrolling interest — — — (0.2 ) — (0.2 ) Comprehensive income (loss) attributable to Ryerson Holding Corporation $ (4.5 ) $ (4.3 ) $ 5.8 $ (5.6 ) $ 4.1 $ (4.5 ) RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2016 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 1,904.9 $ 1,469.7 $ 282.0 $ (1,479.1 ) $ 2,177.5 Cost of materials sold — 1,515.6 1,452.3 232.7 (1,479.1 ) 1,721.5 Gross profit — 389.3 17.4 49.3 — 456.0 Warehousing, delivery, selling, general and administrative 0.6 289.6 3.7 37.6 — 331.5 Restructuring and other charges — 2.5 — — — 2.5 Operating profit (loss) (0.6 ) 97.2 13.7 11.7 — 122.0 Other income and (expense), net — (7.1 ) (2.8 ) (3.3 ) — (13.2 ) Interest and other expense on debt — (65.8 ) — (1.7 ) — (67.5 ) Intercompany transactions: Interest expense on intercompany loans — (5.3 ) — (2.7 ) 8.0 — Interest income on intercompany loans — — 8.0 — (8.0 ) — Income (loss) before income taxes (0.6 ) 19.0 18.9 4.0 — 41.3 Provision (benefit) for income taxes (0.4 ) 0.7 11.3 2.4 — 14.0 Equity in earnings of subsidiaries (27.5 ) (9.2 ) (2.3 ) — 39.0 — Net income 27.3 27.5 9.9 1.6 (39.0 ) 27.3 Less: Net income (loss) attributable to noncontrolling interest — — — — — — Net income attributable to Ryerson Holding Corporation $ 27.3 $ 27.5 $ 9.9 $ 1.6 $ (39.0 ) $ 27.3 Comprehensive income $ 34.7 $ 35.1 $ 10.9 $ 5.4 $ (51.4 ) $ 34.7 Less: Comprehensive income (loss) attributable to noncontrolling interest — — — — — — Comprehensive income attributable to Ryerson Holding Corporation $ 34.7 $ 35.1 $ 10.9 $ 5.4 $ (51.4 ) $ 34.7 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 2,196.0 $ 1,543.7 $ 306.3 $ (1,547.6 ) $ 2,498.4 Cost of materials sold — 1,793.4 1,525.7 260.8 (1,547.6 ) 2,032.3 Gross profit — 402.6 18.0 45.5 — 466.1 Warehousing, delivery, selling, general and administrative 0.4 293.6 3.4 46.0 — 343.4 Impairment charges on fixed assets — 0.6 — 1.3 — 1.9 Operating profit (loss) (0.4 ) 108.4 14.6 (1.8 ) — 120.8 Other income and (expense), net — 0.3 (12.3 ) 1.3 — (10.7 ) Interest and other expense on debt — (72.3 ) — (2.2 ) — (74.5 ) Intercompany transactions: Interest expense on intercompany loans — (4.4 ) — (2.9 ) 7.3 — Interest income on intercompany loans — — 7.3 — (7.3 ) — Income (loss) before income taxes (0.4 ) 32.0 9.6 (5.6 ) — 35.6 Provision (benefit) for income taxes (0.1 ) 13.3 2.0 0.9 — 16.1 Equity in (earnings) loss of subsidiaries (20.3 ) (1.6 ) 5.5 — 16.4 — Net income (loss) 20.0 20.3 2.1 (6.5 ) (16.4 ) 19.5 Less: Net loss attributable to noncontrolling interest — — — (0.5 ) — (0.5 ) Net income (loss) attributable to Ryerson Holding Corporation $ 20.0 $ 20.3 $ 2.1 $ (6.0 ) $ (16.4 ) $ 20.0 Comprehensive income (loss) $ 7.1 $ 7.4 $ 4.5 $ (16.0 ) $ 3.3 $ 6.3 Less: Comprehensive loss attributable to noncontrolling interest — — — (0.8 ) — (0.8 ) Comprehensive income (loss) attributable to Ryerson Holding Corporation $ 7.1 $ 7.4 $ 4.5 $ (15.2 ) $ 3.3 $ 7.1 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2016 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated OPERATING ACTIVITIES: Net income $ 27.3 $ 27.5 $ 9.9 $ 1.6 $ (39.0 ) $ 27.3 Non-cash (income) expenses (0.8 ) 28.6 14.9 2.3 — 45.0 Equity in earnings of subsidiaries (27.5 ) (9.2 ) (2.3 ) — 39.0 — Changes in working capital (70.5 ) (29.3 ) 1.2 3.4 — (95.2 ) Net adjustments (98.8 ) (9.9 ) 13.8 5.7 39.0 (50.2 ) Net cash provided by (used in) operating activities (71.5 ) 17.6 23.7 7.3 — (22.9 ) INVESTING ACTIVITIES: Capital expenditures — (18.2 ) — (1.5 ) — (19.7 ) Loan to related companies — — (39.6 ) — 39.6 — Other investing activities — 2.1 — 0.8 0.5 3.4 Net cash used in investing activities — (16.1 ) (39.6 ) (0.7 ) 40.1 (16.3 ) FINANCING ACTIVITIES: Net proceeds from issuance of common stock 71.5 — — — — 71.5 Long-term debt issued — 650.0 — — — 650.0 Repayment of debt — (689.0 ) — — — (689.0 ) Proceeds from intercompany borrowings — 39.6 — — (39.6 ) — Other financing activities — 0.3 15.8 (1.1 ) (0.5 ) 14.5 Net cash provided by (used in) financing activities 71.5 0.9 15.8 (1.1 ) (40.1 ) 47.0 Net increase (decrease) in cash and cash equivalents — 2.4 (0.1 ) 5.5 — 7.8 Effect of exchange rates on cash and cash equivalents — (0.2 ) 0.1 2.3 — 2.2 Net change in cash and cash equivalents — 2.2 — 7.8 — 10.0 Beginning cash and cash equivalents — 5.3 0.2 57.7 — 63.2 Ending cash and cash equivalents $ — $ 7.5 $ 0.2 $ 65.5 $ — $ 73.2 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated OPERATING ACTIVITIES: Net income (loss) $ 20.0 $ 20.3 $ 2.1 $ (6.5 ) $ (16.4 ) $ 19.5 Non-cash income — 46.1 12.7 5.8 — 64.6 Equity in (earnings) loss of subsidiaries (20.3 ) (1.6 ) 5.5 — 16.4 — Changes in working capital 0.7 68.3 40.3 (0.8 ) — 108.5 Net adjustments (19.6 ) 112.8 58.5 5.0 16.4 173.1 Net cash provided by (used in) operating activities 0.4 133.1 60.6 (1.5 ) — 192.6 INVESTING ACTIVITIES: Acquisitions, net of cash acquired — (7.7 ) — — — (7.7 ) Capital expenditures — (20.7 ) — (1.6 ) — (22.3 ) Loan to related companies — — (57.0 ) — 57.0 — Investment in subsidiaries (11.4 ) (0.2 ) (0.1 ) (0.1 ) 11.8 — Other investing activities — 2.9 — 0.1 — 3.0 Net cash used in investing activities (11.4 ) (25.7 ) (57.1 ) (1.6 ) 68.8 (27.0 ) FINANCING ACTIVITIES: Repayment of debt — (59.9 ) — — — (59.9 ) Net repayments of short-term borrowings — (104.0 ) — (0.7 ) — (104.7 ) Proceeds from intercompany borrowings — 57.0 — — (57.0 ) — Capital contributions — 11.4 0.2 0.2 (11.8 ) — Other financing activities — (5.6 ) (3.7 ) (0.3 ) — (9.6 ) Net cash used in financing activities — (101.1 ) (3.5 ) (0.8 ) (68.8 ) (174.2 ) Net increase (decrease) in cash and cash equivalents (11.0 ) 6.3 — (3.9 ) — (8.6 ) Effect of exchange rates on cash and cash equivalents — (0.3 ) — (2.8 ) — (3.1 ) Net change in cash and cash equivalents (11.0 ) 6.0 — (6.7 ) — (11.7 ) Beginning cash and cash equivalents 11.1 5.1 0.2 43.6 — 60.0 Ending cash and cash equivalents $ 0.1 $ 11.1 $ 0.2 $ 36.9 $ — $ 48.3 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) SEPTEMBER 30, 2016 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 7.5 $ 0.2 $ 65.5 $ — $ 73.2 Receivables less provision for allowances, claims and doubtful accounts — 276.5 0.4 83.2 — 360.1 Inventories — 567.0 1.3 56.9 — 625.2 Intercompany receivable 70.4 — 154.9 — (225.3 ) — Other current assets — 16.2 1.1 11.1 — 28.4 Total current assets 70.4 867.2 157.9 216.7 (225.3 ) 1,086.9 Investments in subsidiaries — 375.0 289.7 — (664.7 ) — Intercompany notes receivable — — 313.9 — (313.9 ) — Property, plant and equipment net of accumulated depreciation — 366.8 0.5 26.0 — 393.3 Deferred income taxes 30.3 — — 3.5 (21.3 ) 12.5 Other noncurrent assets — 148.9 0.4 1.3 — 150.6 Total assets $ 100.7 $ 1,757.9 $ 762.4 $ 247.5 $ (1,225.2 ) $ 1,643.3 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ — $ 51.8 $ 171.9 $ 41.3 $ — $ 265.0 Intercompany payable — 200.8 — 24.5 (225.3 ) — Salaries, wages, and commissions — 34.6 0.1 0.8 — 35.5 Short-term debt — — — 20.0 — 20.0 Other current liabilities 0.1 59.0 0.6 10.3 — 70.0 Total current liabilities 0.1 346.2 172.6 96.9 (225.3 ) 390.5 Dividends in excess of investment in subsidiaries 134.9 — — — (134.9 ) — Long-term debt — 957.9 — — — 957.9 Long-term debt – intercompany — 268.6 — 45.3 (313.9 ) — Deferred employee benefits — 273.3 — 18.1 — 291.4 Other noncurrent liabilities — 46.8 7.0 4.2 (21.3 ) 36.7 Total liabilities 135.0 1,892.8 179.6 164.5 (695.4 ) 1,676.5 Redeemable noncontrolling interest — — — (0.2 ) — (0.2 ) Ryerson Holding Corporation stockholders’ equity (34.3 ) (134.9 ) 582.8 81.9 (529.8 ) (34.3 ) Noncontrolling interest — — — 1.3 — 1.3 Total liabilities and equity $ 100.7 $ 1,757.9 $ 762.4 $ 247.5 $ (1,225.2 ) $ 1,643.3 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) DECEMBER 31, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non-guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 5.3 $ 0.2 $ 57.7 $ — $ 63.2 Receivables less provision for allowances, claims and doubtful accounts — 235.0 0.3 70.4 — 305.7 Inventories — 500.3 1.4 54.1 — 555.8 Intercompany receivable — — 129.4 — (129.4 ) — Other current assets — 18.4 2.2 12.1 1.3 34.0 Total current assets — 759.0 133.5 194.3 (128.1 ) 958.7 Investments in subsidiaries — 360.4 287.4 0.1 (647.9 ) — Intercompany notes receivable — — 274.3 — (274.3 ) — Property, plant and equipment net of accumulated depreciation — 373.4 0.6 26.3 — 400.3 Deferred charges — 4.0 — 1.0 — 5.0 Other noncurrent assets 29.9 149.0 6.1 4.2 (8.0 ) 181.2 Total assets $ 29.9 $ 1,645.8 $ 701.9 $ 225.9 $ (1,058.3 ) $ 1,545.2 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ — $ 48.1 $ 129.3 $ 28.9 $ — $ 206.3 Intercompany payable — 108.4 — 21.0 (129.4 ) — Salaries, wages, and commissions — 25.2 0.1 1.0 — 26.3 Short-term debt — — — 22.0 — 22.0 Other current liabilities 0.6 48.8 0.6 9.8 1.3 61.1 Total current liabilities 0.6 230.5 130.0 82.7 (128.1 ) 315.7 Dividends in excess of investment in subsidiaries 170.9 — — — (170.9 ) — Long-term debt — 1,001.5 — — — 1,001.5 Long-term debt – intercompany — 231.5 — 42.8 (274.3 ) — Deferred employee benefits — 308.2 — 19.5 — 327.7 Other noncurrent liabilities — 45.0 — 4.1 (8.0 ) 41.1 Total liabilities 171.5 1,816.7 130.0 149.1 (581.3 ) 1,686.0 Redeemable noncontrolling interest — — — 0.1 — 0.1 Ryerson Holding Corporation stockholders’ equity (141.6 ) (170.9 ) 571.9 76.0 (477.0 ) (141.6 ) Noncontrolling interest — — — 0.7 — 0.7 Total liabilities and equity $ 29.9 $ 1,645.8 $ 701.9 $ 225.9 $ (1,058.3 ) $ 1,545.2 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 15: SUBSEQUENT EVENTS On October 15, 2016, the Company redeemed 100% of the remaining aggregate principal amount outstanding of the 2018 Notes. Pursuant to the terms of the 2018 Notes, all of the outstanding principal amount of the 2018 Notes was redeemed at a redemption price equal to 102.813% of the principal amount thereof, plus accrued and unpaid interest, to, but not including, October 15, 2016. As a result of the redemption, we will recognize a $1.4 million charge within other income (expense), net and write off the remaining debt issuance costs of $0.3 million within interest and other expense on debt in the fourth quarter of 2016. |
Financial Statements (Tables)
Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Percentage of Sales by Major Product Lines | The following table shows our percentage of sales by major product lines for the three and nine months ended September 30, 2016 and 2015, respectively: Three Months Ended Nine Months Ended September 30, September 30, Product Line 2016 2015 2016 2015 Carbon Steel Flat 29 % 25 % 27 % 24 % Carbon Steel Plate 9 11 9 11 Carbon Steel Long 13 16 14 16 Stainless Steel Flat 17 15 16 16 Stainless Steel Plate 4 4 4 4 Stainless Steel Long 3 3 4 4 Aluminum Flat 16 17 16 16 Aluminum Plate 3 3 3 3 Aluminum Long 4 4 5 4 Other 2 2 2 2 Total 100 % 100 % 100 % 100 % |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories, at stated LIFO value, were classified at September 30, 2016 and December 31, 2015 as follows: September 30, December 31, 2016 2015 (In millions) In process and finished products $ 625.2 $ 555.8 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following at September 30, 2016 and December 31, 2015: September 30, December 31, 2016 2015 (In millions) Ryerson Credit Facility $ 277.2 $ 272.2 9.00% Senior Secured Notes due 2017 — 569.9 11.25% Senior Notes due 2018 48.5 170.4 11.00% Senior Secured Notes due 2022 650.0 — Foreign debt 20.0 22.0 Unamortized debt issuance costs and discounts (17.8 ) (11.0 ) Total debt 977.9 1,023.5 Less: Short-term foreign debt 20.0 22.0 Total long-term debt $ 957.9 $ 1,001.5 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit (Credit) Cost | The following table summarizes the components of net periodic benefit (credit) cost for the three and nine month periods ended September 30, 2016 and 2015 for the Ryerson pension plans and postretirement benefits other than pension: Three Months Ended September 30, Pension Benefits Other Benefits 2016 2015 2016 2015 (In millions) Components of net periodic benefit (credit) cost Interest cost $ 8 $ 9 $ 1 $ 1 Expected return on assets (12 ) (11 ) — — Recognized actuarial (gain) loss 3 3 (2 ) (2 ) Amortization of prior service credit — — (1 ) (1 ) Net periodic benefit (credit) cost $ (1 ) $ 1 $ (2 ) $ (2 ) Nine Months Ended September 30, Pension Benefits Other Benefits 2016 2015 2016 2015 (In millions) Components of net periodic benefit (credit) cost Service cost $ 1 $ 1 $ — $ — Interest cost 22 28 2 3 Expected return on assets (34 ) (35 ) — — Recognized actuarial (gain) loss 9 10 (6 ) (6 ) Amortization of prior service credit — — (2 ) (2 ) Net periodic benefit (credit) cost $ (2 ) $ 4 $ (6 ) $ (5 ) |
Derivatives and Fair Value Me25
Derivatives and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments All Other Investments [Abstract] | |
Location and Fair Value Amount of Derivative Instruments | The following table summarizes the location and fair value amount of our derivative instruments reported in our Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015: Asset Derivatives Liability Derivatives Fair Value Fair Value Derivatives not designated as hedging instruments under ASC 815 Balance Sheet Location September 30, 2016 December 31, 2015 Balance Sheet Location September 30, 2016 December 31, 2015 (In millions) Foreign exchange contracts Prepaid expenses and other current assets $ — $ 0.1 Other accrued liabilities $ — $ — Commodity contracts Prepaid expenses and other current assets 5.6 — Other accrued liabilities 0.9 3.5 Total derivatives $ 5.6 $ 0.1 $ 0.9 $ 3.5 |
Location and Amount of Gains and Losses Reported in Condensed Consolidated Statements of Comprehensive Income | The following table summarizes the location and amount of gains and losses reported in our Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2016 and 2015: Amount of Gain/(Loss) Recognized in Income on Derivatives Derivatives not designated as Location of Gain/(Loss) Recognized Three Months Ended September 30, Nine Months Ended September 30, hedging instruments under ASC 815 in Income on Derivatives 2016 2015 2016 2015 (In millions) Metal commodity contracts Cost of materials sold $ 1.7 $ (3.1 ) $ 9.0 $ (10.5 ) Diesel fuel hedges Warehousing, delivery, selling, general and administrative — (0.3 ) 0.1 (0.2 ) Foreign exchange contracts Other income and (expense), net — 0.1 (0.1 ) 0.1 Total $ 1.7 $ (3.3 ) $ 9.0 $ (10.6 ) |
Assets and Liabilities Measured and Recorded at Fair Value | The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of September 30, 2016: At September 30, 2016 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Common stock—available-for-sale investment $ 1.1 $ — $ — Mark-to-market derivatives: Commodity contracts $ — $ 5.6 $ — Liabilities Mark-to-market derivatives: Commodity contracts $ — $ 0.9 $ — The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2015: At December 31, 2015 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Common stock – available-for-sale investment $ 2.2 $ — $ — Mark-to-market derivatives: Foreign exchange contracts $ — $ 0.1 $ — Liabilities Mark-to-market derivatives: Commodity contracts $ — $ 3.5 $ — |
Carrying and Estimated Fair Values of Financial Instruments | The carrying and estimated fair values of our financial instruments at September 30, 2016 and December 31, 2015 were as follows: At September 30, 2016 At December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Cash and cash equivalents $ 73.2 $ 73.2 $ 63.2 $ 63.2 Restricted cash 1.0 1.0 1.2 1.2 Receivables less provision for allowances, claims and doubtful accounts 360.1 360.1 305.7 305.7 Accounts payable 265.0 265.0 206.3 206.3 Long-term debt, including current portion 977.9 1,045.3 1,023.5 855.3 |
Assets and Liabilities Measured and Recorded at Fair Value on Non-Recurring Basis | The following table presents those assets that were measured at fair value on our Condensed Consolidated Balance Sheet on a non-recurring basis and their level within the fair value hierarchy at September 30, 2016: At September 30, 2016 Level 1 Level 2 Level 3 (In millions) Assets Prepaid expenses and other current assets – assets held for sale $ — $ 2.9 $ — The following table presents those assets that were measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a non-recurring basis and their level within the fair value hierarchy at December 31, 2015: At December 31, 2015 Level 1 Level 2 Level 3 (In millions) Assets Prepaid expenses and other current assets – assets held for sale $ — $ 4.2 $ — |
Available-for-sale Securities | The Company’s available-for-sale securities as of September 30, 2016 can be summarized as follows: At September 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Common stock $ 2.3 $ — $ (1.2 ) $ 1.1 The Company’s available-for-sale securities as of December 31, 2015 can be summarized as follows: At December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Common stock $ 5.1 $ — $ (2.9 ) $ 2.2 |
Stockholders' Equity (Deficit26
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Change in Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest | The following table details changes in these accounts: Ryerson Holding Corporation Stockholders Accumulated Other Comprehensive Income (Loss) Common Stock Treasury Stock Capital in Excess of Par Accumulated Deficit Foreign Currency Translation Benefit Plan Liabilities Available- For-Sale Investments Non-controlling Interest Total Equity Redeemable Noncontrolling Interest Shares Dollars Shares Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars (In millions, except shares in thousands) Balance at January 1, 2016 32,312 $ 0.3 213 $ (6.6 ) $ 302.6 $ (130.9 ) $ (53.8 ) $ (252.5 ) $ (0.7 ) $ 0.7 $ (140.9 ) $ 0.1 Net income (loss) — — — — — 27.3 — — — 0.6 27.9 (0.6 ) Foreign currency translation — — — — — — 3.2 — — — 3.2 Gain on intra-entity foreign currency transactions — — — — — — 2.4 — — — 2.4 — Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $0.4 — — — — — — — 0.8 — — 0.8 — Unrealized loss on available-for-sale investment, net of tax of $0.4 — — — — — — — — (0.7 ) — (0.7 ) Other-than-temporary impairment, net of tax of $1.1 — — — — — — — — 1.7 — 1.7 — Stock-based compensation expense — — — — 1.0 — — — — — 1.0 — Issuance of common stock 5,032 0.1 — — 71.5 — — — — — 71.6 — Contributions from non-controlling interest — — — — — — — — — — — 0.3 Balance at September 30, 2016 37,344 $ 0.4 213 $ (6.6 ) $ 375.1 $ (103.6 ) $ (48.2 ) $ (251.7 ) $ 0.3 $ 1.3 $ (33.0 ) $ (0.2 ) |
Changes in Accumulated Other Comprehensive Income/(Loss) by Component | The following table details changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2016: Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign Currency Translation Benefit Plan Liabilities Available- For-Sale Investments (In millions) Balance at January 1, 2016 $ (53.8 ) $ (252.5 ) $ (0.7 ) Other comprehensive income before reclassifications 5.6 — (0.7 ) Amounts reclassified from accumulated other comprehensive income (loss) — 0.8 1.7 Net current-period other comprehensive income 5.6 0.8 1.0 Balance at September 30, 2016 $ (48.2 ) $ (251.7 ) $ 0.3 |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three and nine month periods ended September 30, 2016: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended Affected line item in the Condensed Details about Accumulated Other September 30, 2016 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Other-than-temporary impairment Other-than-temporary impairment charge $ — $ 2.8 Other income and (expense), net Tax benefit — (1.1 ) Net of tax $ — $ 1.7 Amortization of defined benefit pension and other post- retirement benefit plan items Actuarial loss $ 1.1 $ 3.4 Warehousing, delivery, selling, general and administrative Prior service credits (0.7 ) (2.2 ) Warehousing, delivery, selling, general and administrative Total before tax 0.4 1.2 Tax provision 0.1 0.4 Net of tax $ 0.3 $ 0.8 The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three and nine month periods ended September 30, 2015: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended Affected line item in the Condensed Details about Accumulated Other September 30, 2015 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Other-than-temporary impairment Other-than-temporary impairment charge $ — $ 12.3 Other income and (expense), net Tax benefit — (4.7 ) Net of tax $ — $ 7.6 Amortization of defined benefit pension and other post- retirement benefit plan items Actuarial loss $ 1.5 $ 4.6 Warehousing, delivery, selling, general and administrative Prior service credits (0.6 ) (1.8 ) Warehousing, delivery, selling, general and administrative Total before tax 0.9 2.8 Tax provision 0.4 1.0 Net of tax $ 0.5 $ 1.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, Basic and diluted earnings per share 2016 2015 2016 2015 (In millions, except share and per share data) Numerator: Net income attributable to Ryerson Holding Corporation $ 8.2 $ 6.7 $ 27.3 $ 20.0 Denominator: Weighted average shares outstanding 35,804,069 32,055,708 33,343,503 32,043,636 Dilutive effect of stock-based awards 161,615 19,574 92,009 6,525 Weighted average shares outstanding adjusted for dilutive securities 35,965,684 32,075,282 33,435,512 32,050,161 Earnings per share Basic $ 0.23 $ 0.21 $ 0.82 $ 0.62 Diluted $ 0.23 $ 0.21 $ 0.82 $ 0.62 |
Condensed Consolidating Guara28
Condensed Consolidating Guarantor Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2016 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 644.2 $ 527.2 $ 97.2 $ (533.5 ) $ 735.1 Cost of materials sold — 521.8 521.0 80.4 (533.5 ) 589.7 Gross profit — 122.4 6.2 16.8 — 145.4 Warehousing, delivery, selling, general and administrative 0.2 95.7 1.2 12.0 — 109.1 Restructuring and other charges — 2.5 — — — 2.5 Operating profit (loss) (0.2 ) 24.2 5.0 4.8 — 33.8 Other income and (expense), net — (0.3 ) — 0.1 — (0.2 ) Interest and other expense on debt — (23.0 ) — (0.6 ) — (23.6 ) Intercompany transactions: Interest expense on intercompany loans — (1.8 ) — (0.9 ) 2.7 — Interest income on intercompany loans — — 2.7 — (2.7 ) — Income (loss) before income taxes (0.2 ) (0.9 ) 7.7 3.4 — 10.0 Provision (benefit) for income taxes (0.3 ) (7.0 ) 7.9 1.0 — 1.6 Equity in earnings of subsidiaries (8.1 ) (2.0 ) (2.3 ) — 12.4 — Net income 8.2 8.1 2.1 2.4 (12.4 ) 8.4 Less: Net income attributable to noncontrolling interest — — — 0.2 — 0.2 Net income attributable to Ryerson Holding Corporation $ 8.2 $ 8.1 $ 2.1 $ 2.2 $ (12.4 ) $ 8.2 Comprehensive income $ 6.8 $ 6.7 $ 1.3 $ 2.0 $ (9.9 ) $ 6.9 Less: Comprehensive income attributable to noncontrolling interest — — — 0.1 — 0.1 Comprehensive income attributable to Ryerson Holding Corporation $ 6.8 $ 6.7 $ 1.3 $ 1.9 $ (9.9 ) $ 6.8 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 693.8 $ 505.4 $ 97.2 $ (506.4 ) $ 790.0 Cost of materials sold — 564.9 499.5 81.7 (506.4 ) 639.7 Gross profit — 128.9 5.9 15.5 — 150.3 Warehousing, delivery, selling, general and administrative 0.2 97.0 0.9 14.7 — 112.8 Impairment charges on fixed assets — 0.5 — — — 0.5 Operating profit (loss) (0.2 ) 31.4 5.0 0.8 — 37.0 Other income and (expense), net — 1.0 (0.1 ) 0.3 — 1.2 Interest and other expense on debt — (24.6 ) — (0.8 ) — (25.4 ) Intercompany transactions: Interest expense on intercompany loans — (1.6 ) — (1.0 ) 2.6 — Interest income on intercompany loans — — 2.6 — (2.6 ) — Income (loss) before income taxes (0.2 ) 6.2 7.5 (0.7 ) — 12.8 Provision (benefit) for income taxes — 8.4 (2.8 ) 0.5 — 6.1 Equity in (earnings) loss of subsidiaries (6.9 ) (9.1 ) 0.9 — 15.1 — Net income (loss) 6.7 6.9 9.4 (1.2 ) (15.1 ) 6.7 Less: Net income (loss) attributable to noncontrolling interest — — — — — — Net income (loss) attributable to Ryerson Holding Corporation $ 6.7 $ 6.9 $ 9.4 $ (1.2 ) $ (15.1 ) $ 6.7 Comprehensive income (loss) $ (4.5 ) $ (4.3 ) $ 5.8 $ (5.8 ) $ 4.1 $ (4.7 ) Less: Comprehensive loss attributable to noncontrolling interest — — — (0.2 ) — (0.2 ) Comprehensive income (loss) attributable to Ryerson Holding Corporation $ (4.5 ) $ (4.3 ) $ 5.8 $ (5.6 ) $ 4.1 $ (4.5 ) RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2016 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 1,904.9 $ 1,469.7 $ 282.0 $ (1,479.1 ) $ 2,177.5 Cost of materials sold — 1,515.6 1,452.3 232.7 (1,479.1 ) 1,721.5 Gross profit — 389.3 17.4 49.3 — 456.0 Warehousing, delivery, selling, general and administrative 0.6 289.6 3.7 37.6 — 331.5 Restructuring and other charges — 2.5 — — — 2.5 Operating profit (loss) (0.6 ) 97.2 13.7 11.7 — 122.0 Other income and (expense), net — (7.1 ) (2.8 ) (3.3 ) — (13.2 ) Interest and other expense on debt — (65.8 ) — (1.7 ) — (67.5 ) Intercompany transactions: Interest expense on intercompany loans — (5.3 ) — (2.7 ) 8.0 — Interest income on intercompany loans — — 8.0 — (8.0 ) — Income (loss) before income taxes (0.6 ) 19.0 18.9 4.0 — 41.3 Provision (benefit) for income taxes (0.4 ) 0.7 11.3 2.4 — 14.0 Equity in earnings of subsidiaries (27.5 ) (9.2 ) (2.3 ) — 39.0 — Net income 27.3 27.5 9.9 1.6 (39.0 ) 27.3 Less: Net income (loss) attributable to noncontrolling interest — — — — — — Net income attributable to Ryerson Holding Corporation $ 27.3 $ 27.5 $ 9.9 $ 1.6 $ (39.0 ) $ 27.3 Comprehensive income $ 34.7 $ 35.1 $ 10.9 $ 5.4 $ (51.4 ) $ 34.7 Less: Comprehensive income (loss) attributable to noncontrolling interest — — — — — — Comprehensive income attributable to Ryerson Holding Corporation $ 34.7 $ 35.1 $ 10.9 $ 5.4 $ (51.4 ) $ 34.7 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated Net sales $ — $ 2,196.0 $ 1,543.7 $ 306.3 $ (1,547.6 ) $ 2,498.4 Cost of materials sold — 1,793.4 1,525.7 260.8 (1,547.6 ) 2,032.3 Gross profit — 402.6 18.0 45.5 — 466.1 Warehousing, delivery, selling, general and administrative 0.4 293.6 3.4 46.0 — 343.4 Impairment charges on fixed assets — 0.6 — 1.3 — 1.9 Operating profit (loss) (0.4 ) 108.4 14.6 (1.8 ) — 120.8 Other income and (expense), net — 0.3 (12.3 ) 1.3 — (10.7 ) Interest and other expense on debt — (72.3 ) — (2.2 ) — (74.5 ) Intercompany transactions: Interest expense on intercompany loans — (4.4 ) — (2.9 ) 7.3 — Interest income on intercompany loans — — 7.3 — (7.3 ) — Income (loss) before income taxes (0.4 ) 32.0 9.6 (5.6 ) — 35.6 Provision (benefit) for income taxes (0.1 ) 13.3 2.0 0.9 — 16.1 Equity in (earnings) loss of subsidiaries (20.3 ) (1.6 ) 5.5 — 16.4 — Net income (loss) 20.0 20.3 2.1 (6.5 ) (16.4 ) 19.5 Less: Net loss attributable to noncontrolling interest — — — (0.5 ) — (0.5 ) Net income (loss) attributable to Ryerson Holding Corporation $ 20.0 $ 20.3 $ 2.1 $ (6.0 ) $ (16.4 ) $ 20.0 Comprehensive income (loss) $ 7.1 $ 7.4 $ 4.5 $ (16.0 ) $ 3.3 $ 6.3 Less: Comprehensive loss attributable to noncontrolling interest — — — (0.8 ) — (0.8 ) Comprehensive income (loss) attributable to Ryerson Holding Corporation $ 7.1 $ 7.4 $ 4.5 $ (15.2 ) $ 3.3 $ 7.1 |
Condensed Consolidating Statement of Cash Flows (Unaudited) | RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2016 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated OPERATING ACTIVITIES: Net income $ 27.3 $ 27.5 $ 9.9 $ 1.6 $ (39.0 ) $ 27.3 Non-cash (income) expenses (0.8 ) 28.6 14.9 2.3 — 45.0 Equity in earnings of subsidiaries (27.5 ) (9.2 ) (2.3 ) — 39.0 — Changes in working capital (70.5 ) (29.3 ) 1.2 3.4 — (95.2 ) Net adjustments (98.8 ) (9.9 ) 13.8 5.7 39.0 (50.2 ) Net cash provided by (used in) operating activities (71.5 ) 17.6 23.7 7.3 — (22.9 ) INVESTING ACTIVITIES: Capital expenditures — (18.2 ) — (1.5 ) — (19.7 ) Loan to related companies — — (39.6 ) — 39.6 — Other investing activities — 2.1 — 0.8 0.5 3.4 Net cash used in investing activities — (16.1 ) (39.6 ) (0.7 ) 40.1 (16.3 ) FINANCING ACTIVITIES: Net proceeds from issuance of common stock 71.5 — — — — 71.5 Long-term debt issued — 650.0 — — — 650.0 Repayment of debt — (689.0 ) — — — (689.0 ) Proceeds from intercompany borrowings — 39.6 — — (39.6 ) — Other financing activities — 0.3 15.8 (1.1 ) (0.5 ) 14.5 Net cash provided by (used in) financing activities 71.5 0.9 15.8 (1.1 ) (40.1 ) 47.0 Net increase (decrease) in cash and cash equivalents — 2.4 (0.1 ) 5.5 — 7.8 Effect of exchange rates on cash and cash equivalents — (0.2 ) 0.1 2.3 — 2.2 Net change in cash and cash equivalents — 2.2 — 7.8 — 10.0 Beginning cash and cash equivalents — 5.3 0.2 57.7 — 63.2 Ending cash and cash equivalents $ — $ 7.5 $ 0.2 $ 65.5 $ — $ 73.2 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated OPERATING ACTIVITIES: Net income (loss) $ 20.0 $ 20.3 $ 2.1 $ (6.5 ) $ (16.4 ) $ 19.5 Non-cash income — 46.1 12.7 5.8 — 64.6 Equity in (earnings) loss of subsidiaries (20.3 ) (1.6 ) 5.5 — 16.4 — Changes in working capital 0.7 68.3 40.3 (0.8 ) — 108.5 Net adjustments (19.6 ) 112.8 58.5 5.0 16.4 173.1 Net cash provided by (used in) operating activities 0.4 133.1 60.6 (1.5 ) — 192.6 INVESTING ACTIVITIES: Acquisitions, net of cash acquired — (7.7 ) — — — (7.7 ) Capital expenditures — (20.7 ) — (1.6 ) — (22.3 ) Loan to related companies — — (57.0 ) — 57.0 — Investment in subsidiaries (11.4 ) (0.2 ) (0.1 ) (0.1 ) 11.8 — Other investing activities — 2.9 — 0.1 — 3.0 Net cash used in investing activities (11.4 ) (25.7 ) (57.1 ) (1.6 ) 68.8 (27.0 ) FINANCING ACTIVITIES: Repayment of debt — (59.9 ) — — — (59.9 ) Net repayments of short-term borrowings — (104.0 ) — (0.7 ) — (104.7 ) Proceeds from intercompany borrowings — 57.0 — — (57.0 ) — Capital contributions — 11.4 0.2 0.2 (11.8 ) — Other financing activities — (5.6 ) (3.7 ) (0.3 ) — (9.6 ) Net cash used in financing activities — (101.1 ) (3.5 ) (0.8 ) (68.8 ) (174.2 ) Net increase (decrease) in cash and cash equivalents (11.0 ) 6.3 — (3.9 ) — (8.6 ) Effect of exchange rates on cash and cash equivalents — (0.3 ) — (2.8 ) — (3.1 ) Net change in cash and cash equivalents (11.0 ) 6.0 — (6.7 ) — (11.7 ) Beginning cash and cash equivalents 11.1 5.1 0.2 43.6 — 60.0 Ending cash and cash equivalents $ 0.1 $ 11.1 $ 0.2 $ 36.9 $ — $ 48.3 |
Condensed Consolidating Balance Sheet (Unaudited) | RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) SEPTEMBER 30, 2016 (In millions) Parent Joseph T. Ryerson Guarantor Non- guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 7.5 $ 0.2 $ 65.5 $ — $ 73.2 Receivables less provision for allowances, claims and doubtful accounts — 276.5 0.4 83.2 — 360.1 Inventories — 567.0 1.3 56.9 — 625.2 Intercompany receivable 70.4 — 154.9 — (225.3 ) — Other current assets — 16.2 1.1 11.1 — 28.4 Total current assets 70.4 867.2 157.9 216.7 (225.3 ) 1,086.9 Investments in subsidiaries — 375.0 289.7 — (664.7 ) — Intercompany notes receivable — — 313.9 — (313.9 ) — Property, plant and equipment net of accumulated depreciation — 366.8 0.5 26.0 — 393.3 Deferred income taxes 30.3 — — 3.5 (21.3 ) 12.5 Other noncurrent assets — 148.9 0.4 1.3 — 150.6 Total assets $ 100.7 $ 1,757.9 $ 762.4 $ 247.5 $ (1,225.2 ) $ 1,643.3 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ — $ 51.8 $ 171.9 $ 41.3 $ — $ 265.0 Intercompany payable — 200.8 — 24.5 (225.3 ) — Salaries, wages, and commissions — 34.6 0.1 0.8 — 35.5 Short-term debt — — — 20.0 — 20.0 Other current liabilities 0.1 59.0 0.6 10.3 — 70.0 Total current liabilities 0.1 346.2 172.6 96.9 (225.3 ) 390.5 Dividends in excess of investment in subsidiaries 134.9 — — — (134.9 ) — Long-term debt — 957.9 — — — 957.9 Long-term debt – intercompany — 268.6 — 45.3 (313.9 ) — Deferred employee benefits — 273.3 — 18.1 — 291.4 Other noncurrent liabilities — 46.8 7.0 4.2 (21.3 ) 36.7 Total liabilities 135.0 1,892.8 179.6 164.5 (695.4 ) 1,676.5 Redeemable noncontrolling interest — — — (0.2 ) — (0.2 ) Ryerson Holding Corporation stockholders’ equity (34.3 ) (134.9 ) 582.8 81.9 (529.8 ) (34.3 ) Noncontrolling interest — — — 1.3 — 1.3 Total liabilities and equity $ 100.7 $ 1,757.9 $ 762.4 $ 247.5 $ (1,225.2 ) $ 1,643.3 RYERSON HOLDING CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) DECEMBER 31, 2015 (In millions) Parent Joseph T. Ryerson Guarantor Non-guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 5.3 $ 0.2 $ 57.7 $ — $ 63.2 Receivables less provision for allowances, claims and doubtful accounts — 235.0 0.3 70.4 — 305.7 Inventories — 500.3 1.4 54.1 — 555.8 Intercompany receivable — — 129.4 — (129.4 ) — Other current assets — 18.4 2.2 12.1 1.3 34.0 Total current assets — 759.0 133.5 194.3 (128.1 ) 958.7 Investments in subsidiaries — 360.4 287.4 0.1 (647.9 ) — Intercompany notes receivable — — 274.3 — (274.3 ) — Property, plant and equipment net of accumulated depreciation — 373.4 0.6 26.3 — 400.3 Deferred charges — 4.0 — 1.0 — 5.0 Other noncurrent assets 29.9 149.0 6.1 4.2 (8.0 ) 181.2 Total assets $ 29.9 $ 1,645.8 $ 701.9 $ 225.9 $ (1,058.3 ) $ 1,545.2 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ — $ 48.1 $ 129.3 $ 28.9 $ — $ 206.3 Intercompany payable — 108.4 — 21.0 (129.4 ) — Salaries, wages, and commissions — 25.2 0.1 1.0 — 26.3 Short-term debt — — — 22.0 — 22.0 Other current liabilities 0.6 48.8 0.6 9.8 1.3 61.1 Total current liabilities 0.6 230.5 130.0 82.7 (128.1 ) 315.7 Dividends in excess of investment in subsidiaries 170.9 — — — (170.9 ) — Long-term debt — 1,001.5 — — — 1,001.5 Long-term debt – intercompany — 231.5 — 42.8 (274.3 ) — Deferred employee benefits — 308.2 — 19.5 — 327.7 Other noncurrent liabilities — 45.0 — 4.1 (8.0 ) 41.1 Total liabilities 171.5 1,816.7 130.0 149.1 (581.3 ) 1,686.0 Redeemable noncontrolling interest — — — 0.1 — 0.1 Ryerson Holding Corporation stockholders’ equity (141.6 ) (170.9 ) 571.9 76.0 (477.0 ) (141.6 ) Noncontrolling interest — — — 0.7 — 0.7 Total liabilities and equity $ 29.9 $ 1,645.8 $ 701.9 $ 225.9 $ (1,058.3 ) $ 1,545.2 |
Financial Statements - Addition
Financial Statements - Additional Information (Detail) | Sep. 30, 2016shares |
Accounting Policies [Abstract] | |
Parent company shares owned by affiliates | 21,037,500 |
Parent company percentage owned by affiliates | 57.00% |
Financial Statements - Percenta
Financial Statements - Percentage of Sales by Major Product Line (Detail) - Product Concentration Risk - Sales Revenue Product Line | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Carbon Steel Flat [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 29.00% | 25.00% | 27.00% | 24.00% |
Carbon Steel Plate [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 9.00% | 11.00% | 9.00% | 11.00% |
Carbon Steel Long [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 13.00% | 16.00% | 14.00% | 16.00% |
Stainless Steel Flat [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 17.00% | 15.00% | 16.00% | 16.00% |
Stainless Steel Plate [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 4.00% | 4.00% | 4.00% | 4.00% |
Stainless Steel Long [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 3.00% | 3.00% | 4.00% | 4.00% |
Aluminum Flat [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 16.00% | 17.00% | 16.00% | 16.00% |
Aluminum Plate [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 3.00% | 3.00% | 3.00% | 3.00% |
Aluminum Long [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 4.00% | 4.00% | 5.00% | 4.00% |
Other [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 2.00% | 2.00% | 2.00% | 2.00% |
Recent Accounting Pronounceme31
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | ||
Capitalized debt issuance costs | $ 17.8 | $ 11 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
In process and finished products | $ 625.2 | $ 555.8 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Amount by which current cost used to value inventories is lower than LIFO valued inventories | $ 117 | $ 122 |
Inventories accounted under the LIFO method | 91.00% | 91.00% |
Lower of cost or market reserve | $ 12.5 | $ 37.9 |
Consignment inventory | $ 9.9 | $ 9.9 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | Oct. 01, 2015 | Sep. 30, 2016 | Dec. 31, 2015 |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 103,200,000 | $ 103,200,000 | |
Impairment charge | $ 0 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Southern Tool [Member] | 9 Months Ended |
Sep. 30, 2016 | |
Business Acquisition [Line Items] | |
Effective date of acquisition | Aug. 3, 2015 |
Description of business acquisition | On August 3, 2015, the Company acquired all of the issued and outstanding capital stock of Southern Tool Steel, Inc. (“Southern Tool”). Southern Tool is a distributor of long products, predominantly processed bars and tool steel, and is based in Chattanooga, TN. |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | May 24, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||
Foreign debt | $ 20 | $ 22 | |
Unamortized debt issuance costs and discounts | (17.8) | (11) | |
Total debt | 977.9 | 1,023.5 | |
Total long-term debt | 957.9 | 1,001.5 | |
2017 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 0 | $ 569.9 | 569.9 |
2018 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 48.5 | 170.4 | |
2022 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 650 | ||
Ryerson Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Ryerson Credit Facility | $ 277.2 | $ 272.2 |
Long-Term Debt - Ryerson Credit
Long-Term Debt - Ryerson Credit Facility - Additional Information (Detail) - USD ($) | Jul. 24, 2015 | Sep. 30, 2016 | Dec. 31, 2015 |
Old Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility maximum borrowing capacity | $ 1,350,000,000 | ||
Ryerson Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility maximum borrowing capacity | 1,000,000,000 | $ 1,000,000,000 | |
Charge to write-off a portion of the issuance costs | 2,900,000 | ||
Outstanding borrowings | 277,200,000 | $ 272,200,000 | |
Letters of credit | 16,000,000 | 17,000,000 | |
Available credit facility | $ 295,000,000 | $ 185,000,000 | |
Weighted average interest rate | 2.60% | 2.10% | |
Line of credit facility, description of collateral | Total credit availability is limited by the amount of eligible accounts receivable, inventory, and qualified cash pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these three amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, is comprised of the aggregate value of all accounts directly created by a borrower (and in the case of Canadian accounts, a Canadian guarantor) in the ordinary course of business arising out of the sale of goods or the rendering of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower (or guarantor, as applicable) does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower (or guarantor, as applicable). Eligible inventory, at any date of determination, is comprised of the aggregate value of all inventory owned by a borrower (and in the case of Canadian accounts, a Canadian guarantor), with such inventory adjusted to exclude various ineligible inventory, including, among other things, (i) any inventory that is classified as “supplies” or is unsaleable in the ordinary course of business, (ii) 50% of the value of any inventory that (A) has not been sold or processed within a 180 day period and (B) which is calculated to have more than 365 days of supply based upon the immediately preceding 6 months consumption, and (iii) 50% of the value of inventory classified as partial inventory pieces on the basis that the inventory has been cut below sales lengths customary for such inventory. Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders. | ||
Default bear interest rate | 2.00% | ||
Commitment fees on amounts not borrowed | 0.25% | ||
Ryerson Credit Facility [Member] | Federal Funds Rate [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of spread over amount available to be borrowed | 0.50% | ||
Ryerson Credit Facility [Member] | Prime Rate and One Month LIBOR Rate [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of spread over amount available to be borrowed | 1.00% | ||
Ryerson Credit Facility [Member] | 30 Day LIBOR Rate [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of spread over amount available to be borrowed | 1.00% | ||
Ryerson Credit Facility [Member] | Bank of Canada Overnight Rate [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of spread over amount available to be borrowed | 0.50% | ||
Ryerson Credit Facility [Member] | One Month Canadian Bankers Acceptance Rate [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of spread over amount available to be borrowed | 1.00% | ||
Ryerson Credit Facility [Member] | Minimum [Member] | Base Rate and Canadian Prime Rate [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of spread over amount available to be borrowed | 0.25% | ||
Ryerson Credit Facility [Member] | Minimum [Member] | LIBOR and Banker's Acceptance Rate [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of spread over amount available to be borrowed | 1.25% | ||
Ryerson Credit Facility [Member] | Maximum [Member] | Base Rate and Canadian Prime Rate [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of spread over amount available to be borrowed | 0.75% | ||
Ryerson Credit Facility [Member] | Maximum [Member] | LIBOR and Banker's Acceptance Rate [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of spread over amount available to be borrowed | 1.75% | ||
Ryerson Credit Facility [Member] | US Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility maximum borrowing capacity | $ 875,000,000 | ||
Ryerson Credit Facility [Member] | Canadian Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility maximum borrowing capacity | $ 125,000,000 | ||
Ryerson Credit Facility [Member] | Canadian Subsidiaries [Member] | Federal Funds Rate [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of spread over amount available to be borrowed | 0.50% | ||
Ryerson Credit Facility [Member] | Scenario 1 [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility maturity date | Jul. 24, 2020 | ||
Ryerson Credit Facility [Member] | Scenario 2 [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility scenario 2 maturity description of ("2017 Notes") | 60 days prior to the stated maturity of any outstanding indebtedness with a principal amount of $50,000,000 or more. | ||
Minimum indebtedness including principal amount | $ 50,000,000 |
Long-Term Debt - 2017, 2018 and
Long-Term Debt - 2017, 2018 and 2022 Notes - Additional Information (Detail) - USD ($) | May 24, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Oct. 10, 2012 |
Debt Instrument [Line Items] | |||||
Gain (loss) on retirement of debt | $ (7,200,000) | $ 300,000 | |||
Other Income and (Expense), Net [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on retirement of debt | (7,200,000) | ||||
2018 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate amount of senior notes issued | $ 300,000,000 | ||||
Debt Instrument Percentage | 11.25% | ||||
Senior Notes | $ 48,500,000 | $ 170,400,000 | |||
Notes redemption date | Oct. 15, 2015 | ||||
Principal amount of debt instrument repurchased | $ 95,000,000 | $ 27,000,000 | 30,100,000 | ||
Debt instruments senior notes retired | 18,200,000 | 30,500,000 | |||
2018 Notes [Member] | Other Income and (Expense), Net [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on retirement of debt | (16,000,000) | $ 8,800,000 | (400,000) | ||
2018 Notes [Member] | Joseph T. Ryerson [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption price as a percentage of principal amount | 101.00% | ||||
2022 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate amount of senior notes issued | $ 650,000,000 | ||||
Debt Instrument Percentage | 11.00% | ||||
Senior Notes | $ 650,000,000 | ||||
2022 Notes [Member] | Redeemable in twelve months beginning May 15, 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption price as a percentage of principal amount | 105.50% | ||||
2022 Notes [Member] | Redeemable in twelve months beginning May 15, 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption price as a percentage of principal amount | 102.75% | ||||
2022 Notes [Member] | Redeemable in twelve months beginning May 15, 2021 and thereafter [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption price as a percentage of principal amount | 100.00% | ||||
2022 Notes [Member] | Redeemable before May 15, 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption price as a percentage of principal amount | 100.00% | ||||
Optional redemption price as a percentage of principal amount | 111.00% | ||||
2022 Notes [Member] | Redeemable before May 15, 2019 [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Optional redemption amount prior to redemption date | 35.00% | ||||
2017 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Percentage | 9.00% | ||||
Senior Notes | $ 569,900,000 | $ 0 | $ 569,900,000 | ||
Principal amount of debt instrument repurchased | 30,100,000 | ||||
Debt instruments senior notes retired | 29,400,000 | ||||
2017 Notes [Member] | Other Income and (Expense), Net [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on retirement of debt | $ 700,000 | ||||
2018 Notes and 2022 Notes [Member] | Joseph T. Ryerson [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum percentage of dividend of future net income | 50.00% |
Long-Term Debt - Foreign Debt -
Long-Term Debt - Foreign Debt - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Foreign debt | $ 20 | $ 22 |
Other Foreign Entity [Member] | ||
Debt Instrument [Line Items] | ||
Foreign debt | 0.1 | 0.2 |
Owed to Banks [Member] | Ryerson China [Member] | ||
Debt Instrument [Line Items] | ||
Foreign debt | 19.9 | 21.8 |
Foreign Debt [Member] | ||
Debt Instrument [Line Items] | ||
Available credit facility | 26 | 23 |
Letters of credit issued by our foreign subsidiaries | $ 1 | $ 2 |
Foreign Debt [Member] | Owed to Banks [Member] | Ryerson China [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 4.30% | 4.30% |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit (Credit) Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 1 | $ 1 | ||
Interest cost | $ 8 | $ 9 | 22 | 28 |
Expected return on assets | (12) | (11) | (34) | (35) |
Recognized actuarial (gain) loss | 3 | 3 | 9 | 10 |
Net periodic benefit (credit) cost | (1) | 1 | (2) | 4 |
Other Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | 1 | 1 | 2 | 3 |
Recognized actuarial (gain) loss | (2) | (2) | (6) | (6) |
Amortization of prior service credit | (1) | (1) | (2) | (2) |
Net periodic benefit (credit) cost | $ (2) | $ (2) | $ (6) | $ (5) |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Contribution to the pension plan fund | $ 21 |
Anticipated minimum required pension contribution funding for the remainder of fiscal period | $ 1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Jun. 08, 2016 | Sep. 30, 2016 |
Commitments And Contingencies Disclosure [Abstract] | ||
Proposed plan description | The Proposed Plan includes a combination of dredging, capping and enhanced natural recovery that would take approximately seven years to construct plus additional time for monitored natural recovery | |
Estimated overall cost for construction and recovery | $ 745.7 |
Derivatives and Fair Value Me43
Derivatives and Fair Value Measurements - Location and Fair Value Amount of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 5.6 | $ 0.1 |
Other Accrued Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 0.9 | 3.5 |
Foreign Exchange Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 0.1 | |
Commodity Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 5.6 | |
Commodity Contracts [Member] | Other Accrued Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $ 0.9 | $ 3.5 |
Derivatives and Fair Value Me44
Derivatives and Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2015USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2016USD ($)Tgal | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Tgal | |
Derivatives Fair Value [Line Items] | |||||
Impairment charge on assets held for sale | $ 0 | $ 1,900,000 | |||
Other-than-temporary impairment charge on available-for-sale investments | $ 12,300,000 | $ 2,800,000 | 2,800,000 | $ 12,300,000 | |
Proceeds from sale of investments | 0 | ||||
Prepaid Expenses and Other Current Assets [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Prepaid expenses and other current assets - assets held for sale | $ 2,900,000 | $ 4,200,000 | |||
Minimum [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Contract term for exchange contracts | 3 months | ||||
Maximum [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Contract term for exchange contracts | 12 months | ||||
Foreign Exchange Forward [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Notional amount of foreign currency exchange contracts | $ 1,700,000 | $ 1,600,000 | |||
Nickel Futures or Option Contracts [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Commodity notional value | T | 2,820 | 177 | |||
Hot Roll Steel Coil Option [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Commodity notional value | T | 29,395 | 15,120 | |||
Aluminum Price Swaps [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Commodity notional value | T | 10,525 | 13,878 | |||
Diesel Fuel Hedge Contracts [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Commodity notional value | gal | 156,000 | 533,000 |
Derivatives and Fair Value Me45
Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses Reported in Condensed Consolidated Statements of Comprehensive Income (Detail) - Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total | $ 1.7 | $ (3.3) | $ 9 | $ (10.6) |
Metal Commodity Contracts [Member] | Cost of Materials Sold [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total | $ 1.7 | (3.1) | 9 | (10.5) |
Foreign Exchange Contracts [Member] | Other Income and (Expense), Net [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total | 0.1 | (0.1) | 0.1 | |
Diesel Fuel Hedges [Member] | Warehousing Delivery Selling General and Administrative [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total | $ (0.3) | $ 0.1 | $ (0.2) |
Derivatives and Fair Value Me46
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Level 2 [Member] | Commodity Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mark-to-market derivatives, assets | $ 5.6 | |
Mark-to-market derivatives, liabilities | 0.9 | $ 3.5 |
Level 2 [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mark-to-market derivatives, assets | 0.1 | |
Common Stock [Member] | Level 1 [Member] | Prepaid and Other Current Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale investment | $ 1.1 | $ 2.2 |
Derivatives and Fair Value Me47
Derivatives and Fair Value Measurements - Carrying and Estimated Fair Values Financial Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||||
Cash and cash equivalents, Carrying Amount | $ 73.2 | $ 63.2 | $ 48.3 | $ 60 |
Restricted cash, Carrying Amount | 1 | 1.2 | ||
Receivables less provision for allowances, claims and doubtful accounts, Carrying Amount | 360.1 | 305.7 | ||
Accounts payable, Carrying Amount | 265 | 206.3 | ||
Long-term debt, including current portion, Carrying Amount | 977.9 | 1,023.5 | ||
Cash and cash equivalents, Fair Value | 73.2 | 63.2 | ||
Restricted cash, Fair Value | 1 | 1.2 | ||
Receivables less provision for allowances, claims and doubtful accounts, Fair Value | 360.1 | 305.7 | ||
Accounts payable, Fair Value | 265 | 206.3 | ||
Long-term debt, including current portion, Fair Value | $ 1,045.3 | $ 855.3 |
Derivatives and Fair Value Me48
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value on Non Recurring Basis (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Prepaid expenses and other current assets - assets held for sale | $ 2.9 | $ 4.2 |
Derivatives and Fair Value Me49
Derivatives and Fair Value Measurements - Available-for-Sale Securities (Detail) - Common Stock [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cost | $ 2.3 | $ 5.1 |
Gross Unrealized Losses | (1.2) | (2.9) |
Fair Value | $ 1.1 | $ 2.2 |
Stockholders' Equity (Deficit50
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest - Change in Stockholders' Equity (Deficit) (Detail) - USD ($) $ in Millions | Jul. 25, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Beginning Balance | $ (140.9) | ||||
Beginning Balance, Redeemable Noncontrolling Interest | $ 0.1 | ||||
Beginning Balance, shares | 32,312,200 | ||||
Net income (loss) | $ 8.2 | $ 6.7 | $ 27.3 | $ 20 | |
Net income (loss) | 27.9 | ||||
Foreign currency translation | 3.2 | ||||
Gain on intra-entity foreign currency transactions | 2.4 | ||||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 0.8 | ||||
Unrealized loss on available-for-sale investment, net of tax | (0.7) | ||||
Other-than-temporary impairment, net of tax | 1.7 | ||||
Stock-based compensation expense | 1 | ||||
Issuance of common stock | $ 71.5 | 71.6 | |||
Issuance of common stock, shares | 5,000,000 | ||||
Ending Balance | (33) | (33) | |||
Ending Balance, Redeemable Noncontrolling Interest | $ (0.2) | $ (0.2) | |||
Ending Balance, shares | 37,344,519 | 37,344,519 | |||
Common Stock [Member] | |||||
Beginning Balance | $ 0.3 | ||||
Beginning Balance, shares | 32,312,000 | ||||
Issuance of common stock | $ 0.1 | ||||
Issuance of common stock, shares | 5,032,000 | ||||
Ending Balance | $ 0.4 | $ 0.4 | |||
Ending Balance, shares | 37,344,000 | 37,344,000 | |||
Treasury Stock [Member] | |||||
Beginning Balance | $ (6.6) | ||||
Beginning Balance, shares | 213,000 | ||||
Ending Balance | $ (6.6) | $ (6.6) | |||
Ending Balance, shares | 213,000 | 213,000 | |||
Capital in Excess of Par Value [Member] | |||||
Beginning Balance | $ 302.6 | ||||
Stock-based compensation expense | 1 | ||||
Issuance of common stock | 71.5 | ||||
Ending Balance | $ 375.1 | 375.1 | |||
Accumulated Deficit [Member] | |||||
Beginning Balance | (130.9) | ||||
Net income (loss) | 27.3 | ||||
Ending Balance | (103.6) | (103.6) | |||
Foreign Currency Translation [Member] | |||||
Beginning Balance | (53.8) | ||||
Foreign currency translation | 3.2 | ||||
Gain on intra-entity foreign currency transactions | 2.4 | ||||
Ending Balance | (48.2) | (48.2) | |||
Benefit Plan Liabilities [Member] | |||||
Beginning Balance | (252.5) | ||||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 0.8 | ||||
Ending Balance | (251.7) | (251.7) | |||
Available-For-Sale Investments [Member] | |||||
Beginning Balance | (0.7) | ||||
Unrealized loss on available-for-sale investment, net of tax | (0.7) | ||||
Other-than-temporary impairment, net of tax | 1.7 | ||||
Ending Balance | 0.3 | 0.3 | |||
Non-controlling Interest [Member] | |||||
Beginning Balance | 0.7 | ||||
Net income (loss) | 0.6 | ||||
Ending Balance | 1.3 | 1.3 | |||
Redeemable Non- controlling Interest [Member] | |||||
Beginning Balance, Redeemable Noncontrolling Interest | 0.1 | ||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (0.6) | ||||
Contributions from non-controlling interest | 0.3 | ||||
Ending Balance, Redeemable Noncontrolling Interest | $ (0.2) | $ (0.2) |
Stockholders' Equity (Deficit51
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest - Change in Stockholders' Equity (Deficit) (Parenthetical) (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Equity [Abstract] | |
Changes in defined benefit pension and other post-retirement benefit plans, tax | $ 0.4 |
Unrealized loss on available-for-sale investment, tax | 0.4 |
Other-than-temporary impairment, tax | $ 1.1 |
Stockholders' Equity (Deficit52
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest - Additional Information (Detail) - USD ($) $ in Millions | Jul. 25, 2016 | Sep. 30, 2016 |
Equity [Abstract] | ||
Underwritten public offering closing date | Jul. 25, 2016 | |
Common stock, underwritten shares issued | 5,000,000 | |
Common stock net proceeds from underwritten offering | $ 71.5 | $ 71.6 |
Stockholders' Equity (Deficit53
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest - Changes in Accumulated Other Comprehensive Income/(Loss) by Component (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | $ (307) |
Accumulated other comprehensive income (loss) net of tax, ending balance | (299.6) |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | (53.8) |
Other comprehensive income before reclassifications | 5.6 |
Net current-period other comprehensive income | 5.6 |
Accumulated other comprehensive income (loss) net of tax, ending balance | (48.2) |
Benefit Plan Liabilities [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | (252.5) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.8 |
Net current-period other comprehensive income | 0.8 |
Accumulated other comprehensive income (loss) net of tax, ending balance | (251.7) |
Available-For-Sale Investments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | (0.7) |
Other comprehensive income before reclassifications | (0.7) |
Amounts reclassified from accumulated other comprehensive income (loss) | 1.7 |
Net current-period other comprehensive income | 1 |
Accumulated other comprehensive income (loss) net of tax, ending balance | $ 0.3 |
Stockholders' Equity (Deficit54
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Redeemable Noncontrolling Interest - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income and (expense), net | $ (0.2) | $ 1.2 | $ (13.2) | $ (10.7) |
Tax benefit | (1.6) | (6.1) | (14) | (16.1) |
Net income | 8.4 | 6.7 | 27.3 | 19.5 |
Other-than-temporary Impairment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income and (expense), net | 2.8 | 12.3 | ||
Tax benefit | (1.1) | (4.7) | ||
Net income | 1.7 | 7.6 | ||
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Actuarial Loss [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications out of AOCI | 1.1 | 1.5 | 3.4 | 4.6 |
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Prior Service Credits [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications out of AOCI | (0.7) | (0.6) | (2.2) | (1.8) |
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications out of AOCI | 0.4 | 0.9 | 1.2 | 2.8 |
Tax provision | 0.1 | 0.4 | 0.4 | 1 |
Net of tax | $ 0.3 | $ 0.5 | $ 0.8 | $ 1.8 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - USD ($) $ in Millions | Aug. 13, 2014 | Aug. 31, 2015 |
Platinum Advisors [Member] | ||
Related Party Transaction [Line Items] | ||
Payment of advisory services termination fee | $ 15 | $ 10 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Provision (benefit) for income taxes | $ 1.6 | $ 6.1 | $ 14 | $ 16.1 | |
Valuation allowance | $ 23.6 | $ 23.6 | $ 22.6 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator: | ||||
Net income attributable to Ryerson Holding Corporation | $ 8.2 | $ 6.7 | $ 27.3 | $ 20 |
Denominator: | ||||
Weighted average shares outstanding | 35,804,069 | 32,055,708 | 33,343,503 | 32,043,636 |
Dilutive effect of stock-based awards | 161,615 | 19,574 | 92,009 | 6,525 |
Weighted average shares outstanding adjusted for dilutive securities | 35,965,684 | 32,075,282 | 33,435,512 | 32,050,161 |
Earnings per share | ||||
Basic | $ 0.23 | $ 0.21 | $ 0.82 | $ 0.62 |
Diluted | $ 0.23 | $ 0.21 | $ 0.82 | $ 0.62 |
Condensed Consolidating Guara58
Condensed Consolidating Guarantor Financial Statements - Additional Information (Detail) - 2018 Notes [Member] | 9 Months Ended |
Sep. 30, 2016 | |
Guarantor [Member] | |
Condensed Financial Statements Captions [Line Items] | |
Ownership percentage by parent | 100.00% |
Joseph T. Ryerson [Member] | |
Condensed Financial Statements Captions [Line Items] | |
Maximum percentage of dividend of future net income | 50.00% |
Condensed Consolidating Guara59
Condensed Consolidating Guarantor Financial Statements - Condensed Consolidating Statement of Comprehensive Income (Unaudited) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Statement Of Income Captions [Line Items] | ||||
Net sales | $ 735.1 | $ 790 | $ 2,177.5 | $ 2,498.4 |
Cost of materials sold | 589.7 | 639.7 | 1,721.5 | 2,032.3 |
Gross profit | 145.4 | 150.3 | 456 | 466.1 |
Warehousing, delivery, selling, general and administrative | 109.1 | 112.8 | 331.5 | 343.4 |
Impairment charges on fixed assets | 0.5 | 1.9 | ||
Restructuring and other charges | 2.5 | 2.5 | ||
Operating profit | 33.8 | 37 | 122 | 120.8 |
Other income and (expense), net | (0.2) | 1.2 | (13.2) | (10.7) |
Interest and other expense on debt | (23.6) | (25.4) | (67.5) | (74.5) |
Income (loss) before income taxes | 10 | 12.8 | 41.3 | 35.6 |
Provision (benefit) for income taxes | 1.6 | 6.1 | 14 | 16.1 |
Net income | 8.4 | 6.7 | 27.3 | 19.5 |
Less: Net income (loss) attributable to noncontrolling interest | 0.2 | (0.5) | ||
Net income attributable to Ryerson Holding Corporation | 8.2 | 6.7 | 27.3 | 20 |
Comprehensive income (loss) | 6.9 | (4.7) | 34.7 | 6.3 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0.1 | (0.2) | (0.8) | |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | 6.8 | (4.5) | 34.7 | 7.1 |
Parent [Member] | ||||
Condensed Statement Of Income Captions [Line Items] | ||||
Warehousing, delivery, selling, general and administrative | 0.2 | 0.2 | 0.6 | 0.4 |
Operating profit | (0.2) | (0.2) | (0.6) | (0.4) |
Income (loss) before income taxes | (0.2) | (0.2) | (0.6) | (0.4) |
Provision (benefit) for income taxes | (0.3) | (0.4) | (0.1) | |
Equity in (earnings) loss of subsidiaries | (8.1) | (6.9) | (27.5) | (20.3) |
Net income | 8.2 | 6.7 | 27.3 | 20 |
Net income attributable to Ryerson Holding Corporation | 8.2 | 6.7 | 27.3 | 20 |
Comprehensive income (loss) | 6.8 | (4.5) | 34.7 | 7.1 |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | 6.8 | (4.5) | 34.7 | 7.1 |
Joseph T. Ryerson [Member] | ||||
Condensed Statement Of Income Captions [Line Items] | ||||
Net sales | 644.2 | 693.8 | 1,904.9 | 2,196 |
Cost of materials sold | 521.8 | 564.9 | 1,515.6 | 1,793.4 |
Gross profit | 122.4 | 128.9 | 389.3 | 402.6 |
Warehousing, delivery, selling, general and administrative | 95.7 | 97 | 289.6 | 293.6 |
Impairment charges on fixed assets | 0.5 | 0.6 | ||
Restructuring and other charges | 2.5 | 2.5 | ||
Operating profit | 24.2 | 31.4 | 97.2 | 108.4 |
Other income and (expense), net | (0.3) | 1 | (7.1) | 0.3 |
Interest and other expense on debt | (23) | (24.6) | (65.8) | (72.3) |
Interest expense on intercompany loans | (1.8) | (1.6) | (5.3) | (4.4) |
Income (loss) before income taxes | (0.9) | 6.2 | 19 | 32 |
Provision (benefit) for income taxes | (7) | 8.4 | 0.7 | 13.3 |
Equity in (earnings) loss of subsidiaries | (2) | (9.1) | (9.2) | (1.6) |
Net income | 8.1 | 6.9 | 27.5 | 20.3 |
Net income attributable to Ryerson Holding Corporation | 8.1 | 6.9 | 27.5 | 20.3 |
Comprehensive income (loss) | 6.7 | (4.3) | 35.1 | 7.4 |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | 6.7 | (4.3) | 35.1 | 7.4 |
Guarantor [Member] | ||||
Condensed Statement Of Income Captions [Line Items] | ||||
Net sales | 527.2 | 505.4 | 1,469.7 | 1,543.7 |
Cost of materials sold | 521 | 499.5 | 1,452.3 | 1,525.7 |
Gross profit | 6.2 | 5.9 | 17.4 | 18 |
Warehousing, delivery, selling, general and administrative | 1.2 | 0.9 | 3.7 | 3.4 |
Operating profit | 5 | 5 | 13.7 | 14.6 |
Other income and (expense), net | (0.1) | (2.8) | (12.3) | |
Interest income on intercompany loans | 2.7 | 2.6 | 8 | 7.3 |
Income (loss) before income taxes | 7.7 | 7.5 | 18.9 | 9.6 |
Provision (benefit) for income taxes | 7.9 | (2.8) | 11.3 | 2 |
Equity in (earnings) loss of subsidiaries | (2.3) | 0.9 | (2.3) | 5.5 |
Net income | 2.1 | 9.4 | 9.9 | 2.1 |
Net income attributable to Ryerson Holding Corporation | 2.1 | 9.4 | 9.9 | 2.1 |
Comprehensive income (loss) | 1.3 | 5.8 | 10.9 | 4.5 |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | 1.3 | 5.8 | 10.9 | 4.5 |
Non-guarantor [Member] | ||||
Condensed Statement Of Income Captions [Line Items] | ||||
Net sales | 97.2 | 97.2 | 282 | 306.3 |
Cost of materials sold | 80.4 | 81.7 | 232.7 | 260.8 |
Gross profit | 16.8 | 15.5 | 49.3 | 45.5 |
Warehousing, delivery, selling, general and administrative | 12 | 14.7 | 37.6 | 46 |
Impairment charges on fixed assets | 1.3 | |||
Operating profit | 4.8 | 0.8 | 11.7 | (1.8) |
Other income and (expense), net | 0.1 | 0.3 | (3.3) | 1.3 |
Interest and other expense on debt | (0.6) | (0.8) | (1.7) | (2.2) |
Interest expense on intercompany loans | (0.9) | (1) | (2.7) | (2.9) |
Income (loss) before income taxes | 3.4 | (0.7) | 4 | (5.6) |
Provision (benefit) for income taxes | 1 | 0.5 | 2.4 | 0.9 |
Net income | 2.4 | (1.2) | 1.6 | (6.5) |
Less: Net income (loss) attributable to noncontrolling interest | 0.2 | (0.5) | ||
Net income attributable to Ryerson Holding Corporation | 2.2 | (1.2) | 1.6 | (6) |
Comprehensive income (loss) | 2 | (5.8) | 5.4 | (16) |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0.1 | (0.2) | (0.8) | |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | 1.9 | (5.6) | 5.4 | (15.2) |
Eliminations [Member] | ||||
Condensed Statement Of Income Captions [Line Items] | ||||
Net sales | (533.5) | (506.4) | (1,479.1) | (1,547.6) |
Cost of materials sold | (533.5) | (506.4) | (1,479.1) | (1,547.6) |
Interest expense on intercompany loans | 2.7 | 2.6 | 8 | 7.3 |
Interest income on intercompany loans | (2.7) | (2.6) | (8) | (7.3) |
Equity in (earnings) loss of subsidiaries | 12.4 | 15.1 | 39 | 16.4 |
Net income | (12.4) | (15.1) | (39) | (16.4) |
Net income attributable to Ryerson Holding Corporation | (12.4) | (15.1) | (39) | (16.4) |
Comprehensive income (loss) | (9.9) | 4.1 | (51.4) | 3.3 |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | $ (9.9) | $ 4.1 | $ (51.4) | $ 3.3 |
Condensed Consolidating Guara60
Condensed Consolidating Guarantor Financial Statements - Condensed Consolidating Statement of Cash Flows (Unaudited) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||||
Net income (loss) | $ 8.4 | $ 6.7 | $ 27.3 | $ 19.5 |
Non-cash (income) expenses | 45 | 64.6 | ||
Changes in working capital | (95.2) | 108.5 | ||
Net adjustments | (50.2) | 173.1 | ||
Net cash provided by (used in) operating activities | (22.9) | 192.6 | ||
Investing activities: | ||||
Acquisitions, net of cash acquired | (7.7) | |||
Capital expenditures | (19.7) | (22.3) | ||
Other investing activities | 3.4 | 3 | ||
Net cash used in investing activities | (16.3) | (27) | ||
Financing activities: | ||||
Net proceeds from issuance of common stock | 71.5 | |||
Long-term debt issued | 650 | |||
Repayment of debt | (689) | (59.9) | ||
Net proceeds/(repayments) of short-term borrowings | 3.2 | (104.7) | ||
Net decrease in book overdrafts | 20.1 | (4.5) | ||
Other financing activities | 14.5 | (9.6) | ||
Net cash provided by (used in) financing activities | 47 | (174.2) | ||
Net increase (decrease) in cash and cash equivalents | 7.8 | (8.6) | ||
Effect of exchange rates on cash and cash equivalents | 2.2 | (3.1) | ||
Net change in cash and cash equivalents | 10 | (11.7) | ||
Cash and cash equivalents—beginning of period | 63.2 | 60 | ||
Cash and cash equivalents—end of period | 73.2 | 48.3 | 73.2 | 48.3 |
Parent [Member] | ||||
Operating activities: | ||||
Net income (loss) | 8.2 | 6.7 | 27.3 | 20 |
Non-cash (income) expenses | (0.8) | |||
Equity in (earnings) loss of subsidiaries | (8.1) | (6.9) | (27.5) | (20.3) |
Changes in working capital | (70.5) | 0.7 | ||
Net adjustments | (98.8) | (19.6) | ||
Net cash provided by (used in) operating activities | (71.5) | 0.4 | ||
Investing activities: | ||||
Investment in subsidiaries | (11.4) | |||
Net cash used in investing activities | (11.4) | |||
Financing activities: | ||||
Net proceeds from issuance of common stock | 71.5 | |||
Net cash provided by (used in) financing activities | 71.5 | |||
Net increase (decrease) in cash and cash equivalents | (11) | |||
Net change in cash and cash equivalents | (11) | |||
Cash and cash equivalents—beginning of period | 11.1 | |||
Cash and cash equivalents—end of period | 0.1 | 0.1 | ||
Joseph T. Ryerson [Member] | ||||
Operating activities: | ||||
Net income (loss) | 8.1 | 6.9 | 27.5 | 20.3 |
Non-cash (income) expenses | 28.6 | 46.1 | ||
Equity in (earnings) loss of subsidiaries | (2) | (9.1) | (9.2) | (1.6) |
Changes in working capital | (29.3) | 68.3 | ||
Net adjustments | (9.9) | 112.8 | ||
Net cash provided by (used in) operating activities | 17.6 | 133.1 | ||
Investing activities: | ||||
Acquisitions, net of cash acquired | (7.7) | |||
Capital expenditures | (18.2) | (20.7) | ||
Investment in subsidiaries | (0.2) | |||
Other investing activities | 2.1 | 2.9 | ||
Net cash used in investing activities | (16.1) | (25.7) | ||
Financing activities: | ||||
Long-term debt issued | 650 | |||
Repayment of debt | (689) | (59.9) | ||
Net proceeds/(repayments) of short-term borrowings | (104) | |||
Proceeds from intercompany borrowings | 39.6 | 57 | ||
Capital contributions | 11.4 | |||
Other financing activities | 0.3 | (5.6) | ||
Net cash provided by (used in) financing activities | 0.9 | (101.1) | ||
Net increase (decrease) in cash and cash equivalents | 2.4 | 6.3 | ||
Effect of exchange rates on cash and cash equivalents | (0.2) | (0.3) | ||
Net change in cash and cash equivalents | 2.2 | 6 | ||
Cash and cash equivalents—beginning of period | 5.3 | 5.1 | ||
Cash and cash equivalents—end of period | 7.5 | 11.1 | 7.5 | 11.1 |
Guarantor [Member] | ||||
Operating activities: | ||||
Net income (loss) | 2.1 | 9.4 | 9.9 | 2.1 |
Non-cash (income) expenses | 14.9 | 12.7 | ||
Equity in (earnings) loss of subsidiaries | (2.3) | 0.9 | (2.3) | 5.5 |
Changes in working capital | 1.2 | 40.3 | ||
Net adjustments | 13.8 | 58.5 | ||
Net cash provided by (used in) operating activities | 23.7 | 60.6 | ||
Investing activities: | ||||
Loan to related companies | (39.6) | (57) | ||
Investment in subsidiaries | (0.1) | |||
Net cash used in investing activities | (39.6) | (57.1) | ||
Financing activities: | ||||
Capital contributions | 0.2 | |||
Other financing activities | 15.8 | (3.7) | ||
Net cash provided by (used in) financing activities | 15.8 | (3.5) | ||
Net increase (decrease) in cash and cash equivalents | (0.1) | |||
Effect of exchange rates on cash and cash equivalents | 0.1 | |||
Cash and cash equivalents—beginning of period | 0.2 | 0.2 | ||
Cash and cash equivalents—end of period | 0.2 | 0.2 | 0.2 | 0.2 |
Non-guarantor [Member] | ||||
Operating activities: | ||||
Net income (loss) | 2.4 | (1.2) | 1.6 | (6.5) |
Non-cash (income) expenses | 2.3 | 5.8 | ||
Changes in working capital | 3.4 | (0.8) | ||
Net adjustments | 5.7 | 5 | ||
Net cash provided by (used in) operating activities | 7.3 | (1.5) | ||
Investing activities: | ||||
Capital expenditures | (1.5) | (1.6) | ||
Investment in subsidiaries | (0.1) | |||
Other investing activities | 0.8 | 0.1 | ||
Net cash used in investing activities | (0.7) | (1.6) | ||
Financing activities: | ||||
Net proceeds/(repayments) of short-term borrowings | (0.7) | |||
Capital contributions | 0.2 | |||
Other financing activities | (1.1) | (0.3) | ||
Net cash provided by (used in) financing activities | (1.1) | (0.8) | ||
Net increase (decrease) in cash and cash equivalents | 5.5 | (3.9) | ||
Effect of exchange rates on cash and cash equivalents | 2.3 | (2.8) | ||
Net change in cash and cash equivalents | 7.8 | (6.7) | ||
Cash and cash equivalents—beginning of period | 57.7 | 43.6 | ||
Cash and cash equivalents—end of period | 65.5 | 36.9 | 65.5 | 36.9 |
Eliminations [Member] | ||||
Operating activities: | ||||
Net income (loss) | (12.4) | (15.1) | (39) | (16.4) |
Equity in (earnings) loss of subsidiaries | $ 12.4 | $ 15.1 | 39 | 16.4 |
Net adjustments | 39 | 16.4 | ||
Investing activities: | ||||
Loan to related companies | 39.6 | 57 | ||
Investment in subsidiaries | 11.8 | |||
Other investing activities | 0.5 | |||
Net cash used in investing activities | 40.1 | 68.8 | ||
Financing activities: | ||||
Proceeds from intercompany borrowings | (39.6) | (57) | ||
Capital contributions | (11.8) | |||
Other financing activities | (0.5) | |||
Net cash provided by (used in) financing activities | $ (40.1) | $ (68.8) |
Condensed Consolidating Guara61
Condensed Consolidating Guarantor Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 73.2 | $ 63.2 | $ 48.3 | $ 60 |
Receivables less provision for allowances, claims and doubtful accounts | 360.1 | 305.7 | ||
Inventories | 625.2 | 555.8 | ||
Other current assets | 28.4 | 34 | ||
Total current assets | 1,086.9 | 958.7 | ||
Property, plant and equipment net of accumulated depreciation | 393.3 | 400.3 | ||
Deferred income taxes | 12.5 | 31.8 | ||
Deferred charges | 5 | |||
Other noncurrent assets | 150.6 | 181.2 | ||
Total assets | 1,643.3 | 1,545.2 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Accounts payable | 265 | 206.3 | ||
Salaries, wages and commissions | 35.5 | 26.3 | ||
Short-term debt | 20 | 22 | ||
Other current liabilities | 70 | 61.1 | ||
Total current liabilities | 390.5 | 315.7 | ||
Long-term debt | 957.9 | 1,001.5 | ||
Deferred employee benefits | 291.4 | 327.7 | ||
Other noncurrent liabilities | 36.7 | 41.1 | ||
Total liabilities | 1,676.5 | 1,686 | ||
Redeemable noncontrolling interest | (0.2) | 0.1 | ||
Ryerson Holding Corporation stockholders’ equity | (34.3) | (141.6) | ||
Noncontrolling interest | 1.3 | 0.7 | ||
Total liabilities and equity | 1,643.3 | 1,545.2 | ||
Parent [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0.1 | 11.1 | ||
Intercompany receivable | 70.4 | |||
Total current assets | 70.4 | |||
Deferred income taxes | 30.3 | |||
Other noncurrent assets | 29.9 | |||
Total assets | 100.7 | 29.9 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Other current liabilities | 0.1 | 0.6 | ||
Total current liabilities | 0.1 | 0.6 | ||
Dividends in excess of investment in subsidiaries | 134.9 | 170.9 | ||
Total liabilities | 135 | 171.5 | ||
Ryerson Holding Corporation stockholders’ equity | (34.3) | (141.6) | ||
Total liabilities and equity | 100.7 | 29.9 | ||
Joseph T. Ryerson [Member] | ||||
Assets | ||||
Cash and cash equivalents | 7.5 | 5.3 | 11.1 | 5.1 |
Receivables less provision for allowances, claims and doubtful accounts | 276.5 | 235 | ||
Inventories | 567 | 500.3 | ||
Other current assets | 16.2 | 18.4 | ||
Total current assets | 867.2 | 759 | ||
Investments in subsidiaries | 375 | 360.4 | ||
Property, plant and equipment net of accumulated depreciation | 366.8 | 373.4 | ||
Deferred charges | 4 | |||
Other noncurrent assets | 148.9 | 149 | ||
Total assets | 1,757.9 | 1,645.8 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Accounts payable | 51.8 | 48.1 | ||
Intercompany payable | 200.8 | 108.4 | ||
Salaries, wages and commissions | 34.6 | 25.2 | ||
Other current liabilities | 59 | 48.8 | ||
Total current liabilities | 346.2 | 230.5 | ||
Long-term debt | 957.9 | 1,001.5 | ||
Long-term debt – intercompany | 268.6 | 231.5 | ||
Deferred employee benefits | 273.3 | 308.2 | ||
Other noncurrent liabilities | 46.8 | 45 | ||
Total liabilities | 1,892.8 | 1,816.7 | ||
Ryerson Holding Corporation stockholders’ equity | (134.9) | (170.9) | ||
Total liabilities and equity | 1,757.9 | 1,645.8 | ||
Guarantor [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0.2 | 0.2 | 0.2 | 0.2 |
Receivables less provision for allowances, claims and doubtful accounts | 0.4 | 0.3 | ||
Inventories | 1.3 | 1.4 | ||
Intercompany receivable | 154.9 | 129.4 | ||
Other current assets | 1.1 | 2.2 | ||
Total current assets | 157.9 | 133.5 | ||
Investments in subsidiaries | 289.7 | 287.4 | ||
Intercompany notes receivable | 313.9 | 274.3 | ||
Property, plant and equipment net of accumulated depreciation | 0.5 | 0.6 | ||
Other noncurrent assets | 0.4 | 6.1 | ||
Total assets | 762.4 | 701.9 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Accounts payable | 171.9 | 129.3 | ||
Salaries, wages and commissions | 0.1 | 0.1 | ||
Other current liabilities | 0.6 | 0.6 | ||
Total current liabilities | 172.6 | 130 | ||
Other noncurrent liabilities | 7 | |||
Total liabilities | 179.6 | 130 | ||
Ryerson Holding Corporation stockholders’ equity | 582.8 | 571.9 | ||
Total liabilities and equity | 762.4 | 701.9 | ||
Non-guarantor [Member] | ||||
Assets | ||||
Cash and cash equivalents | 65.5 | 57.7 | $ 36.9 | $ 43.6 |
Receivables less provision for allowances, claims and doubtful accounts | 83.2 | 70.4 | ||
Inventories | 56.9 | 54.1 | ||
Other current assets | 11.1 | 12.1 | ||
Total current assets | 216.7 | 194.3 | ||
Investments in subsidiaries | 0.1 | |||
Property, plant and equipment net of accumulated depreciation | 26 | 26.3 | ||
Deferred income taxes | 3.5 | |||
Deferred charges | 1 | |||
Other noncurrent assets | 1.3 | 4.2 | ||
Total assets | 247.5 | 225.9 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Accounts payable | 41.3 | 28.9 | ||
Intercompany payable | 24.5 | 21 | ||
Salaries, wages and commissions | 0.8 | 1 | ||
Short-term debt | 20 | 22 | ||
Other current liabilities | 10.3 | 9.8 | ||
Total current liabilities | 96.9 | 82.7 | ||
Long-term debt – intercompany | 45.3 | 42.8 | ||
Deferred employee benefits | 18.1 | 19.5 | ||
Other noncurrent liabilities | 4.2 | 4.1 | ||
Total liabilities | 164.5 | 149.1 | ||
Redeemable noncontrolling interest | (0.2) | 0.1 | ||
Ryerson Holding Corporation stockholders’ equity | 81.9 | 76 | ||
Noncontrolling interest | 1.3 | 0.7 | ||
Total liabilities and equity | 247.5 | 225.9 | ||
Eliminations [Member] | ||||
Assets | ||||
Intercompany receivable | (225.3) | (129.4) | ||
Other current assets | 1.3 | |||
Total current assets | (225.3) | (128.1) | ||
Investments in subsidiaries | (664.7) | (647.9) | ||
Intercompany notes receivable | (313.9) | (274.3) | ||
Deferred income taxes | (21.3) | |||
Other noncurrent assets | (8) | |||
Total assets | (1,225.2) | (1,058.3) | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Intercompany payable | (225.3) | (129.4) | ||
Other current liabilities | 1.3 | |||
Total current liabilities | (225.3) | (128.1) | ||
Dividends in excess of investment in subsidiaries | (134.9) | (170.9) | ||
Long-term debt – intercompany | (313.9) | (274.3) | ||
Other noncurrent liabilities | (21.3) | (8) | ||
Total liabilities | (695.4) | (581.3) | ||
Ryerson Holding Corporation stockholders’ equity | (529.8) | (477) | ||
Total liabilities and equity | $ (1,225.2) | $ (1,058.3) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions | Oct. 15, 2016 | May 24, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Subsequent Event [Line Items] | |||||
Charge on redemption of debt | $ (7.2) | $ 0.3 | |||
Subsequent Event [Member] | 2018 Notes [Member] | |||||
Subsequent Event [Line Items] | |||||
Percentage of outstanding principal amount redeemed | 100.00% | ||||
Redemption price as a percentage of principal amount | 102.813% | ||||
Other Income (Expense), Net [Member] | |||||
Subsequent Event [Line Items] | |||||
Charge on redemption of debt | (7.2) | ||||
Other Income (Expense), Net [Member] | 2018 Notes [Member] | |||||
Subsequent Event [Line Items] | |||||
Charge on redemption of debt | $ (16) | $ 8.8 | $ (0.4) | ||
Scenario, Forecast [Member] | Other Income (Expense), Net [Member] | 2018 Notes [Member] | |||||
Subsequent Event [Line Items] | |||||
Charge on redemption of debt | $ (1.4) | ||||
Scenario, Forecast [Member] | Interest and Other Expense on Debt [Member] | 2018 Notes [Member] | |||||
Subsequent Event [Line Items] | |||||
Charge to write-off a portion of the issuance costs | $ 0.3 |